How do you find interest principal $500, rate 5%, time 9 months?

1 Answer
Apr 10, 2018

The interest for nine months is $18.75

Explanation:

In general, simple interest is

I=prt where p is the principal value (500), r is the rate in percent (5%), and t is the time in years (3/4)

I=$500*0.05*3/4

I=$25*3/4

I=$18.75