Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Using simple interest, it is found that her interest charge this month will be of $30.
Simple Interest
Simple interest is used when there is a single compounding per time period.
The amount of interest after t years in is modeled by:
I(t) = Prt
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
In this problem, considering the time in years, the parameters are:
[tex]P = 2000, r = 0.18, t = \frac{1}{12}[/tex]
Hence:
[tex]I(t) = 2000 \times 0.18 \times \frac{1}{12} = 30[/tex]
Her interest charge this month will be of $30.
More can be learned about simple interest at https://brainly.com/question/25296782
We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.
