A few days ago
Simple Interest Help?
the problem states:
Calculate the commercial simple interest of $8000 during 7 months 15 day period at a 1.5% monthly interest rate?
In the answer key it says $900 but I keep getting only $6.31
I’m using the formula I = PRT and I’ve tried the compound formula as well
Top 4 Answers
A few days ago
Favorite Answer
since it’s simple interest.. all you have to do is calculate the interest, then multiply it by the number of months…
so its:
8000* .015 *7.5 = $900
P = 8000
R = 0.015
T = 7 months and 15 days = 7.5 months
2
A few days ago
I = Prt
I = interest
P = principle
r= rate
t = time
I = 8000 (.015) (7.5)
I = $900
0
A few days ago
Yep she’s on the money.
0
A few days ago
she’s right
0
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