Asked by Tanesha Williams on Apr 28, 2024
Verified
An investment earned $156.25 interest in 30 months. What was the simple annual rate of interest?
Simple Annual Rate
The interest rate without compounding, indicating the flat yearly cost of borrowing or the annual rate of interest paid on an investment.
Interest Earned
Interest earned is the amount of money gained as interest from savings accounts, investments, or bonds over a certain period.
- Evaluate simple and compound interest in multiple financial situations and investment options.
Verified Answer
ZK
Learning Objectives
- Evaluate simple and compound interest in multiple financial situations and investment options.