Question

Find the simple interest earned to the nearest cent for a principal, interest rate and time.

Answer 1

Answer:   70.19 dollars

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Work Shown

P = principal = 658

r = interest rate in decimal form = 0.16

t = time in years = 8/12

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i = simple interest

i = P*r*t

i = 658*0.16*(8/12)

i = 70.18667

i = 70.19