Question

azmine placed $1500 in a certificate of deposit. She earns $15 each month for the next 5 years. Find the annual simple interest rate for the certificate of deposit. *

Answer 1

Someone help me :(

Answer 2

hope you know that 1 year has how many months ?

Answer 3

12

Answer 4

Hello?..

Answer 5

@jhonyy9 So what that got to do with anythig?

Answer 6

To find the annual simple interest rate
Principal x rate x time = interest.
examples
$100 x .05 x 1 = $5 simple interest for one year.
$100 x .05 x 3 = $15 simple interest for three years.

Answer 7

\(\color{#0cbb34}{\text{Originally Posted by}}\) @jhonyy9
ok and now from these given details you know that she earns $15 each month
\(\color{#0cbb34}{\text{End of Quote}}\)

Answer 8

yeah so thats like 60*15 bc its 5 years

Answer 9

but you need to finde the anual interest rate not of 5 years

Answer 10

yea

Answer 11

so than how ?

you know that she get for one month $15
and one year has 12 month
so how many will be the annual interest rate ?

Answer 12

900?

Answer 13

how you ve got it ?

Answer 14

;-;

Answer 15

i mULtIpLiEd ;-;

Answer 16

1 month $15
12 months x cross multiplie and calcule the x value

x = 12*15/1 = 12*15 = ?

Answer 17

ok