Question

Find the simple interest.

Round to the nearest cent.

$7,800 at 9.25% for 4 months

Answer 1

The simple interest rate will be 240

Explanation:

The solution is attached in image form

Answer 2

The simple interest for 4 months = Rs 240

Explanation:

formula:-

simple interest I = [PNR]/100

P - Principle amount

N - Number of years

R - Rate of interest

It is given that, $7,800 at 9.25% for 4 months

To find the simple interest for 1 year

I = [PNR]/100

I = [7800*1*9.25]/100 = 721.5

To find the simple interest for 4 months

4 months = (1 year )/3

4 months interest = 721.5/3 =240.5 ≈ 240

Therefore the simple interest for 4 months = Rs 240