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

1 Answer
Apr 10, 2018

Answer:

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#