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Popular Word Problems >

Determine the simple interest owed on 740 for 5 years at a rate of 18.5%.

Solution

De t er min e t h e s im pl e in t eres t o w e d o n 740 f or 5 ye a rs a t a r a t e o f 18.5%.

Solution

Interest : 684.5

Solution steps

Translate the problem into an equation:

I = 740 \cdot 0.185 \cdot 5

Simplify

I = 740 \cdot 0.185 \cdot 5

Interest : 684.5

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