SOLUTION: Can someone help me on this problem? I need to identify the rate, base and amount in the following application You do not have to solve the applications at this point.

Question 53789: Can someone help me on this problem?
I need to identify the rate, base and amount in the following application You do not have to solve the applications at this point.
Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%
Thanks, Ashley
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
THE RATE IS 6.5% OR .065 THE BASE IS $ 5,000 & THE AMOUNT (INTEREST) IS
.065*5,000*1=$325 THE EARNED INTEREST ON $ 5,000 FOR 1 YEAR @ 6.5% INTEREST.
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