Ignacio earns 5 percent simple interest annually on his savings account. How much interest will he earn each month on $1250? sim
ple interest = P × r × t $5.21
2 answers:
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:
5.21
Step-by-step explanation:
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