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Popular Word Problems >

Determine the simple interest earned on 10,000after 30 years if the APR is 12%.

Solution

De t er min e t h e s im pl e in t eres t e a r n e d o n 10, 000 a f t er 30 ye a rs i f t h e A PR i s 12%.

Solution

Interest : 36000

Solution steps

Translate the problem into an equation:

I = 10000 \cdot 0.12 \cdot 30

Simplify

I = 10000 \cdot 0.12 \cdot 30

Interest : 36000

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