A $1,200 bond earns 3% simple interest per year on its purchase price. What is the amount of interest earned after 15 MONTHS? Select one: $1245 $3 $36 $45

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asked Aug 19, 2022 70.3k views

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A $1,200 bond earns 3% simple interest per year on its purchase price. What is the amount of interest earned after 15 MONTHS?

Select one:
$1245
$3
$36
$45

Mathematics
high-school

Hughesjmh asked

by Hughesjmh

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2 Answers

5 votes

Answer:

$45

Explanation:

$1,200 x 0.03% = $36 yearly

$36/12 = $3 per month

$3 x 15 months = $45

Mkuligowski answered Aug 20, 2022

by Mkuligowski

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5 votes

Answer:

45$

Explanation:

Vladimir Shefer answered Aug 25, 2022

by Vladimir Shefer

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