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Semmy [17]
3 years ago
7

Find the balance on a deposit of $500 that earns 6% simple interest for 3 months.

Mathematics
2 answers:
baherus [9]3 years ago
3 0

To find the simple interest, we multiply 500 × 0.06 × 3 to get that:

The interest is: $90.00

making your answer D$590


natulia [17]3 years ago
3 0
12 months = 1 year
1 month = 1/12 year
3 months = 3/12 years.

S.I= \frac{P*R*T}{100} \\ = \frac{500 \times 6 \times \frac{3}{12} }{100} \\ = \frac{500 \times \frac{3}{2} }{100} \\ = \frac{250 \times 3}{100} \\ = \frac{750}{100} = 7.50 \: as \: interest
Amount = Principal + Interest
= $500 + $7.50 = $507.50

Answer is C)
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