$840 at 9.6% for 5 months?
Answers
Answered by
2
Answer:
Use the Simple Interest Formula
Do you know that banks pay you to let them keep your money? The money you put in the bank is called the principal, P, and the bank pays you interest, I. The interest is computed as a certain percent of the principal; called the rate of interest, r. The rate of interest is usually expressed as a percent per year, and is calculated by using the decimal equivalent of the percent. The variable for time, t, represents the number of years the money is left in the account.
Definition: simple interest
If an amount of money, P, the principal, is invested for a period of t years at an annual interest rate r, the amount of interest, I, earned is
Similar questions