Question

Find the simple interest. PRINCIPAL RATE OF INTEREST TIME SIMPLE INTEREST 47.000 3 3 months 8 ? The simple interest is S 5 (Simplify your answer. Type a whole number or a decimal. Round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Angus All parts

Answer 1

start by making a conversion from months to years

`3\text{months}\cdot\frac{1\text{year}}{12\text{months}}=(1)/(4)\text{year}=0.25\text{year}`

then convert the mixed number into a decimal number for the rate

`7(3)/(8)=(8\cdot7+3)/(8)=(56+3)/(8)=(59)/(8)=7.375`

now since this is a percentage it can also be written as

`(7.375)/(100)=0.07375`

find the simple interest using the formula

`I=p\cdot r\cdot t`

replace the data

`\begin{gathered} I=47000\cdot0.07375\cdot0.25 \\ I=866.562\approx866.56 \end{gathered}`