If you invested $4,500 for 8 months at an interest rate of 2.75%, how much interest would you earn?

Mathematics

1 answer:

Stels [109]2 years ago

7 0

Given the money invested and the interest rate, the value of the interest earned after 8 months is $82.50.

<h3>What is the value of the Interest?</h3>

From the equation of simple interest; I = PRT

Given that;

Principal P = $4,500
Interest rate R = 2.75% = 2.75/100 = 0.0275
Time T = 8 months = 8/12 years
Interest I = ?

I = PRT

I = $4,500 × 0.0275 × 8/12

I = $82.50

Given the money invested and the interest rate, the value of the interest earned after 8 months is $82.50.

Learn more about simple interest here: brainly.com/question/25845758

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