You are creating an emergency fund and decide to place $415.00/month in an account that earns a 3.75 APR. How much interest accr ues by the end of the first full month?
1 answer:
At the end of the first full month the interest acquires is $ 1.30.
<u>Step-by-step explanation: </u>
Since we are looking for the interest for full month, we have to divide the APR by 12.
Because APR is the interest amount for the full year.
So 3.75 % = 3.75/100 = 0.0375
Now multiplying, we will get
415 × 0.0375/12 = $ 1.30
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