Question

How much simple interest does 2560 earn in 17 months at a rate of 1 1/8

Answer 1

Answer:185.87

Step-by-step explanation:

Explanation:

simple interest (SI) can be calculated using the formula

¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯

∣

∣

∣

2

2

S

I

=

P

R

T

100

2

2

∣

∣

∣

−−−−−−−−−−−−−−−

where P is the Principal, that is amount of money

R is the rate of interest

T is time in years

here P

=

$

2560

,

R

=

5

1

8

=

41

8

and T

=

17

12

years

⇒

S

I

=

2560

×

41

8

×

17

12

100

⇒

S

I

=

2560

×

41

×

17

100

×

8

×

12

⇒

S

I

≈

$

185.87

to nearest cent