Question

Simple interest on a loan of 28,500 at 5.6% interest for 9 months

Answer 1

keeping in mind that a year has 12 months, thus 9 months is really 9/12 of a year, then

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$28500\\ r=rate\to 5.6\%\to (5.6)/(100)\dotfill &0.056\\ t=years\to (9)/(12)\dotfill &(3)/(4) \end{cases} \\\\\\ I = (28500)(0.056)((3)/(4)) \implies I = 1197`