Asked by Athena Colleen on Jun 07, 2024
Verified
The interest earned on a $7,500 investment was $1181.25. What was the term in months if the rate of interest was 3.5%?
Term
The time period for which a loan or investment is made.
Rate of Interest
The rate at which interest is applied to a loan or credited to savings.
Investment
Allocating resources, usually money, with the expectation of earning an income or profit.
- Determine the final amounts of investments by applying specified interest rates and durations.
Verified Answer
KS
Learning Objectives
- Determine the final amounts of investments by applying specified interest rates and durations.