simple interest = P × r × t Perry earns 5 percent simple interest annually on his savings account. How much interest will Perry
earn each month on $650?
1 answer:
P = $650
r = 5% annually = 0.05
t = 1 month = 1/12 year
SI = Prt = 650 * 0.05 * 1/12 = $2.7
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