Question

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

Answer 1

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

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

$I=\ 172.67$