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What interest will produce $5,850 mxn for a period of 2 years and 6 months at 18% annually?

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Answer to a math question What interest will produce $5,850 mxn for a period of 2 years and 6 months at 18% annually?

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Lurline
4.6
104 Answers
1. Determine the principal amount (P):

P=5850\,

2. Convert the time period from years and months to only years:

t = 2 + \frac{6}{12} = 2.5 \, \text{years}

3. Use the annual interest rate (r) expressed as a decimal:

r = 0.18

4. Calculate the simple interest (I) using the formula:

I = P \cdot r \cdot t

I = 5850 \cdot 0.18 \cdot 2.5

I = 5850 \cdot 0.45

I=2632.50\,

Answer:

I=2632.50\,

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