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lina2011 [118]
3 years ago
6

Compute the amount of interest earned in the following simple interest problem. A deposit of $8,000 at 9.5% for 120 days.

Mathematics
2 answers:
elena-14-01-66 [18.8K]3 years ago
6 0
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
Rasek [7]3 years ago
3 0

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 = \frac{1}{3}year

We will use the formula of Interest =

\frac{P*R*T}{100}

\frac{8000*9.5*1}{3*100}=$253.33

Option A. 253.33 is the answer

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