Question

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

Answer 1

the answer is 57.395

Answer 2

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