Perry earns 5 percent simple interest annually on his savings account. How much interest will Perry earn each month on $650? A.

Question

4 years ago

3

$2.70 B. $32.50 C. $682.50

2 answers:

damaskus [11] · Answer 1 · 2021-12-09T06:54:37+03:00

8 0

B. 32.50
650 × .05 = 32.50 so perry will earn 32.50 of interest each month

masha68 [24] · Answer 2 · 2021-12-09T08:24:01+03:00

Answer:

Option (a) is correct.

The interest that Perry will earn each month on $650 is $ 2.70

Step-by-step explanation:

Given : Perry earns 5 percent simple interest annually on his savings account.

We have to determine the interest that Perry will earn each month on $650.

Since, Given Perry rate of interest is 5%

So , her monthly rate of interest will be $\frac{5}{1200}$

Using Formula for Simple interest

$S.I = P\times r\times t$

Thus, for principal $ 650 at rate of interest $\frac{5}{1200}$ for one month .

Perry interest will be,

$S.I.=650\cdot\frac{5}{1200}\cdot1$

Simplify, we get ,

Simple interest = $ 2.70

Thus, The interest that Perry will earn each month on $650 is $ 2.70