bill267 bill267
  • 15-03-2018
  • Mathematics
contestada

Find the simple interest. $7,064 at 6.5% for 8 months

$306.11

$3,673.28

$3,061.07

$367.33

Respuesta :

11beehshahbaz 11beehshahbaz
  • 15-03-2018
Correct Ans:
$306.11

Solution:
The formula for the simple interest rate is:

I = Prt

Here,
P = Principal amount = $ 7064
r = Interest rate = 6.5% = 0.065
t = Duration in years = 8/12 years

Using the values in above formula, we get:

Interest = I = 7064 x 0.065 x 8/12 = $306.11

Therefore, the simple interest will be $306.11 on an amount of $7064 with interest rate of 6.5%, saved over 8 months. 
Answer Link

Otras preguntas

What was the goal of the temperance movement? A. To increase tax revenue B. To decrease social problems C. To expand the number of voters D. To share wealth mo
18. What happens if you cut a bar magnet in half? a. You get two North pole magnets b. You get a North pole magnet and a South pole magnet c. You get two South
Give the systematic name for this coordination compound. cr(h2o)4cl2 (clo3)
in how many ways can 7 basketball players be listed in order in a program
What is the theme of the story Try, Try Again
The map below shows natural gas production in North America. Based on the information in this map, what is the approximate yearly natural gas production of the
A bag contains 6 orange 2 blue and 7 pink tiles. What is the probability of picking a pink tile on the first pick replacing it and picking an orange tile on the
33 is what percent of 60?
how to solve this because i dont know how to
what is 4 3/4 minus 1/3