Find the simple interest. $7,064 at 6.5% for 8 months

Question

asked Dec 20, 2019 175k views

2 Answers

Karen Tracey · Answer 1 · 2019-12-26T07:00:12+0000

Simple Interest can be calculated using the formula I=Pr t

Here I= interest earned ,P= Principal ,R= rate of interest ,t= time in years.

It is given Principal P=$7,064

Rate r=6.5% =0.065

Time t= 8 months =
(8)/(12) =(2)/(3) years

Substituting these values in I = P r t

I =(7064)(0.065)(
(2)/(3) )

Solving for I

I=306.11

interest earned on $7,064 at 6.5% for 8 months is $306.11