Question

Ignacio earns 5 percent simple interest annually on his savings account. How much interest will he earn each month on $1250? simple interest = P × r × t $5.21

Answer 1

I=PRT
I=interest
P=principal
R=rate in decimal
T=time in years

we want to find how much he earns when he invests 1250, on 5%, and how much per month, or 1/12 years
P=1250
R=0.05
T=1/12

I=1250(0.05)*(1/12)
I=62.5/12
I=5.2083333
round to nearest cent
I=$5.21

about $5.21 per month

Answer 2

Answer:

5.21

Step-by-step explanation: