Question

Find the balance of the account using the simple interest formula of I=Prt

$1400 at 1.25% simple interest for 6 months
Balance =

10 points please answer!!

Answer 1

$8.75

Explanation:

Simple interest can be determined using this formula :

principal x time x interest rate

principal = $1400

time = 6 months = 6/12 = 0.5

interest rate = 1.25%

$1400 x 0.5 x 0.0125 = $8.75