Compute the amount of interest earned in the following simple interest problem. A deposit of $8,000 at 9.5% for 120 days.
2 answers:
Hi there
I=prt
P principle 8000
R interest rate 0.095
T time 120/360
I interest earned?
I=8,000×0.095×(120÷360)
I=253.33
Hope it helps
Answer:
Option A. 253.33
Step-by-step explanation:
We have to get the amount of simple interest earned in this problem
Principal amount P = $800
Rate of interest R = 9.5%
Time or period of investment T = 120 days =
We will use the formula of Interest =
Option A. 253.33 is the answer
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