SOLUTION: What is the interest on $5000 at 10% for 15 months?

Question 502983: What is the interest on $5000 at 10% for 15 months?
Answer by jrb1965(16) (Show Source): You can put this solution on YOUR website!
Since there are no additional details, lets assume that the interest rate is an annual interest rate and that it is simple interest - no compounding. If the interest rate is 10% per year (12 months) that becomes 12.5% for 15 months
10% * 15/12 = 12.5%
Multiply that by the $5000
$5000 * 12.5/100 = $625
So the simple interest at that annual rate would be $625
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