To calculate the simple interest, we can use the formula:
Simple Interest = (Principal) x (Rate) x (Time)
Given:
Principal = $1247.45
Rate = 1(1/4)% = 1.25% = 0.0125 (as a decimal)
Time = 1 month
Plugging in these values into the formula, we get:
Simple Interest = $1247.45 x 0.0125 x 1
Calculating this, we find:
Simple Interest = $15.59375
Rounding this to the nearest cent, the simple interest is $15.59.