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Popular Word Problems >

Determine the simple interest earned on 21,500after 16 years if the APR is 9%.

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 21, 500 a f t er 16 ye a rs i f t h e A PR i s 9%.

Solution

Interest : 30960

Solution steps

Translate the problem into an equation:

I = 21500 \cdot 0.09 \cdot 16

Simplify

I = 21500 \cdot 0.09 \cdot 16

Interest : 30960

Popular Examples

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