Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Connect with a community of experts ready to help you find solutions to your questions quickly and accurately. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.
Sagot :
Simple interest is calculated using the formula:
[tex]\begin{gathered} I\text{ = }\frac{P\text{ X R X T}}{100} \\ \end{gathered}[/tex]I is the simple interest
P is principal
R is the rate
T is time in years
From the question, Principal is $500, the rate is 7%
and the time 8 months which has to be converted to years
8 months = 8/12 years = 2/3 years
[tex]\begin{gathered} I\text{ =}\frac{500\text{ X 7 X }\frac{2}{3}}{100} \\ \\ I\text{ =}\frac{500\text{ X 7 X 2}}{100\text{ X 3}} \\ \\ I\text{ = }\frac{7000}{300} \\ \\ I\text{ = \$23.33} \end{gathered}[/tex]
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.
