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Re: HOW DO U DO INTEREST PROBLEMS [#permalink]
21 Jan 2012, 09:03
How do you compute the answer to this q? thanks
Simple interest = principal * interest rate * time, where "principal" is the starting amount and "rate" is the interest rate at which the money grows per a given period of time (note: express the rate as a decimal in the formula). Time must be expressed in the same units used for time in the Rate.
How much interest will $10,000 earn in 9 months at an annual rate of 6%?