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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]
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