Question

please answer by step by step explained​

Answer 1

Answer:

2 years 4 months = 28 months

A = $11,280.00

(I = A - P = $1,680.00)

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 7.5%/100 = 0.075 per year.

Putting time into years for simplicity,

28 months / 12 months/year = 2.333333 years.

Solving our equation:

A = 9600(1 + (0.075 × 2.333333)) = 11279.99976

A = $11,280.00

The total amount accrued, principal plus interest, from simple interest on a principal of $9,600.00 at a rate of 7.5% per year for 2.333333 years (28 months) is $11,280.00.

Hope it helps