Question

Please help will MEDAL who ever helps the most
Find the interest if the principal is $500, the interest rate is 3%,and the time is 5 years

Answer 1

@Juliusmattos12 please help

Answer 2

lemmi see.....

Answer 3

I don't get it, wat is it asking

Answer 4

I have no idea but it does saying to use the simple intrest formula I=Prt to solve

Answer 5

@bjb2000

Answer 6

"Investment problems usually involve simple annual interest (as opposed to compounded interest), using the interest formula I = Prt, where I stands for the interest on the original investment, P stands for the amount of the original investment (called the "principal"), r is the interest rate (expressed in decimal form), and t is the time." ~ http://purplemath.com/modules/investmt.htm

Answer 7

ok thanks

Answer 8

Do you know how to solve the problem now, @TheCuteOne25 ? ^-^

Answer 9

yes that helped a lot thanks @YoungStudier

Answer 10

No problem. ~(^_^)~

Answer 11

I always thought these problems almost always involved compound interest.
The formula is:
Total = Principal * (1 + rate)^ years
Total = 500.00 * (1.03) ^ 5
Total = 500.00 * 1.1592740743
Total = 579.64
So interest is $79.64

Answer 12

oh ok thank you

Answer 13

Oh, and here's a link to the information and formula I used:
http://www.1728.org/compint.htm

Answer 14

thanks

Answer 15

u r welcome :-)