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What is the simple interest on a principal of $1500 at a rate of 4% per annum fo

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Question: What is the simple interest on a principal of $1500 at a rate of 4% per annum for 5 years?

Options:

  1. $300
  2. $250
  3. $200
  4. $350

Correct Answer: $300

Solution: 

Simple Interest = P * r * t = 1500 * 0.04 * 5 = $300

What is the simple interest on a principal of $1500 at a rate of 4% per annum fo

Practice Questions

Q1
What is the simple interest on a principal of $1500 at a rate of 4% per annum for 5 years?
  1. $300
  2. $250
  3. $200
  4. $350

Questions & Step-by-Step Solutions

What is the simple interest on a principal of $1500 at a rate of 4% per annum for 5 years?
No concepts available.
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