Question

Mr. Altamirano opens an account with a simple interest on an account with $1000 at 3% annually for 9 months. How much interest did he earn?

Answer 1

1022.50

Explanation:

1000*.03= 30. (12mos interest)

30/4=7.50 quarterly interest

7.50x3 (9mos)= 22.50 interest