Lupe put $12,000 in a certificate of deposit that gained interest at a rate of 6.5%. How much interest did the account gain afte r 3 months?
2 answers:
Answer:
195
Step-by-step explanation:
3 month is .25 years
6.5/100 = .065
12000 x .065 x .25 = 195
Answer:
$195
Step-by-step explanation:
We use the simple interest formula.
I = Prt
I = Interest
P = Principal (initial value)
r = Interest rate
t = Time (years)
P = $12,000
r = 6.5% which we convert to a decimal by dividing by 100 6.5/100 = .065
t = 3 months which we convert to years by dividing by 12 3/12 = 1/4 = .25
Plug in the values
I = 12000 * .065 * .25
I = $195 interest gained
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