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Popular Word Problems >

Determine the simple interest earned on 10,000 after 10 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 10, 000 a f t er 10 ye a rs i f t h e A PR i s 7%.

Solution

Interest : 7000

Solution steps

Translate the problem into an equation:

I = 10000 \cdot 0.07 \cdot 10

Simplify

I = 10000 \cdot 0.07 \cdot 10

Interest : 7000

Popular Examples

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