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Popular Word Problems >

Determine the simple interest earned on 22,500 after 15 years if the APR is 7%.

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 22, 500 a f t er 15 ye a rs i f t h e A PR i s 7%.

Solution

Interest : 23625

Solution steps

Translate the problem into an equation:

I = 22500 \cdot 0.07 \cdot 15

Simplify

I = 22500 \cdot 0.07 \cdot 15

Interest : 23625

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