Find the simple interest Principal Time in Months Rate 1 5=% $16.700 8 The simple interest is s {Round to the nearest cent.)

Question

asked Oct 10, 2023 57.9k views

1 Answer

Amber Shah · Answer 1 · 2023-10-17T07:14:40+0000

Start by making the time in months in years

$8\text{months}\cdot\frac{1\text{year}}{12\text{months}}=(2)/(3)\text{year}$

now convert the mixed number into a decimal number

$5(1)/(4)=(5\cdot4+1)/(4)=(21)/(4)=5.25$

since this is a percentage it can also be written as

find the simple interest using the formula

$I=p\cdot r\cdot t$

replace data into the equation

$\begin{gathered} I=16700\cdot0.0525\cdot(2)/(3) \\ I=584.50 \end{gathered}$