SOLUTION: A retired couple invested $15000 in bonds. At the end of a year, they received an interest payment of $1125. What was the simple interest rate of the bonds?
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Question 631363: A retired couple invested $15000 in bonds. At the end of a year, they received an interest payment of $1125. What was the simple interest rate of the bonds? Answer by 303795(602) (Show Source):
You can put this solution on YOUR website! Interest = Principle x rate x time
ie
$1125 = $15000 x rate x 1
rate = $1125/$15000
=0.075
=7.5%
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