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astraxan [27]
3 years ago
6

QUESTION 3 Find the interest. Round to the nearest cent. $1850 at 8% for 14 months

Mathematics
1 answer:
Genrish500 [490]3 years ago
3 0

Answer:

I=\$172.67

Step-by-step explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

I is the Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=14/12\ years\\ P=\$1,850\\r=0.08

substitute in the formula above

I=1,850(0.08(14/12))

I=\$172.67

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