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Popular Word Problems >

Jack invested 5,000 for 4 years at a simple interest rate of 7%. How much interest did he earn?

Solution

J a c k in v es t e d 5, 000 f or 4 ye a rs a t a s im pl e in t eres t r a t e o f 7%. Ho w m u c h in t eres t d i d h e e a r n ?

Solution

Interest : 1400

Solution steps

Translate the problem into an equation:

I = 5000 \cdot 0.07 \cdot 4

Simplify

I = 5000 \cdot 0.07 \cdot 4

Interest : 1400

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