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