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Popular Word Problems >

Mike invested 7,500 for 4 years at a simple interest rate of 5%. How much interest did he earn?

Solution

M ik e in v es t e d 7, 500 f or 4 ye a rs a t a s im pl e in t eres t r a t e o f 5%. Ho w m u c h in t eres t d i d h e e a r n ?

Solution

Interest : 1500

Solution steps

Translate the problem into an equation:

I = 7500 \cdot 0.05 \cdot 4

Simplify

I = 7500 \cdot 0.05 \cdot 4

Interest : 1500

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