SOLUTION: would someone help me with the formula for this word problem please. Thank you Business and Finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same

Question 84708: would someone help me with the formula for this word problem please. Thank you
Business and Finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Business and Finance. Kevin earned $165 interest for 1 year on an investment of $1500. At the same rate, what amount of interest would be earned by an investment of $2500?
:
Remember the interest formula: I = P*R*T
Where I = amt of interest, P = principal amt; R = interest rate; T = time in yrs
:
In your problem you're given: I = 165; P = 1500; T = 1; we want to find R
P * R * T = I
1500 * R * 1 = 165
1500R = 165
R = 165/1500
R = .11 is the interest rate (11% interest)
:
At the same rate, what amount of interest would be earned by an investment of $2500?
I = P * R * T
I = 2500 * .11 * 1
I = $275 interest on $2500
:
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