Question

RACTICL

n set
1. How much interest is earned in 9 months on a deposit of
$7000 at 8 percent simple interest?

Answer 1

$420

Explanation:

Principal = $7000

Rate = 8%

Time = 9 months

9 months = 3/4 or 0.75 of a year

Simple Interest = Principal * Rate * Time ÷ 100

= $7000 * 8% * 0.75 ÷ 100

= $420