Question

A deposit of $1295 at 7% for 180 days what is the amount of interest earned

Answer 1

well, keeping in mind that 180 days is not even a year, since there are 365 days in a year, then 180 is 180/365 of a year, therefore


`\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$1295\\ r=rate\to 7\%\to (7)/(100)\to &0.07\\ t=years\to (180)/(365)\to &(36)/(73) \end{cases} \\\\\\ I=(1295)(0.07)\left( (36)/(73) \right)`