Ted's take-home pay is $1900 a month. He spends 17% of his take-home pay on groceries. How much do groceries cost Ted each month
1 answer:
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Answer:
$395.61
Step-by-step explanation:
The formula for simple interest is:
Where
i is the interest amount
P is the principal amount
r is the rate of interest per time period
t is the time period
Here,
P = 4869
we want to find after 30 months, that converted to years is:
30/12 = 2.5 years
t = 2.5
The annual rate is 3.25% = 0.0325
Now, substituting, we find our answer:
The interest earned is <u>$395.61</u>