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Olenka [21]
3 years ago
14

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?
Mathematics
1 answer:
hoa [83]3 years ago
4 0

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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