Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
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
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.
