Calculate simple interest earned on a deposit of $500 at a rate of 5% for 5 years. $125 $500 $625 $12,500
2 answers:
Answer:
$125
Step-by-step explanation:
Given:
deposit, P= $500
rate,i = 5%
time,t= 5 years
I=P*i*t
where P is principal amount
i is interest rate
t is time
I is simple interest
Putting values we get:
I=500*0.05*5
= 125 !
Answer:
Interest = $125
Step-by-step explanation:
A = P(1 + rt) , Where A is the amount, P is the principal, r is the rate and t is the time.
A = $500(1 + 5(
))
A = $500 + $125 = $625
Interest (I) = A - P
I = $625 - $500 = $125
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