Explore a diverse range of topics and get answers from knowledgeable individuals on IDNLearn.com. Get accurate answers to your questions from our community of experts who are always ready to provide timely and relevant solutions.
Answer:
The simple interest accumulated on a principal of $ 2,500 at a rate of 6.25% per year for 2.5 years is $ 390.63.
Step-by-step explanation:
Given
To determine
Interest I = ?
Using the simple interest formula
I = Prt
substituting P = 2,500, r = 0.065 and t = 2.5
I = 2500 × 0.0625 × 2.5
I = 390.63
Thus,
I = $390.63
Therefore, the simple interest accumulated on a principal of $ 2,500 at a rate of 6.25% per year for 2.5 years is $ 390.63.