Question

if you invested $45,000 for 8 months at an interest rate of 2.75 % how much interest would you earn?​

Answer 1

You'd earn $825 in interest.

Explanation:

The appropriate formula for simple interest is i = p·r·t, where p is the principal, r is the interest rate as a decimal fraction, and t is the time in years. Because 8 months constitutes 2/3 year, we have:

i = $45,000·(0.0275)(2/3) = $825.

You'd earn $825 in interest.