Compute the amount of interest earned in the following simple interest problem. A deposit of $7,000 at 8.5% for 120 days.

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asked Sep 28, 2018 109k views

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Charles Thayer · Answer 1 · 2018-10-04T17:40:39+0000

Hi there
The formula is
I=prt
I interest earned?
P principle 7000
R interest rate 0.085
T time 120/360

I=7,000×0.085×(120÷360)
I=198.33

Hope it helps

Compute the amount of interest earned in the following simple interest problem. A deposit of $7,000 at 8.5% for 120 days.

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