Question

Myra borrowed $1,500 at 12.5% interest for three months. How much

Answer 1

Now, this is for 3 months, and we're assuming, I guess it doesn't really matter, but using simple interest.

now, 3 months is not even a year, there are 12 months in 1 year, so 3 months is 3/12 years, or 1/4.

$\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \ 1500\\ r=rate\to 12.5\%\to \frac{12.5}{100}\to &0.125\\ t=years\to \frac{3}{12}\to &\frac{1}{4} \end{cases} \\\\\\ I=1500\cdot 0.125\cdot \cfrac{1}{4}\implies 46.875\approx 46.88$