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2 years ago

An account earns simple interest. Find the interest earned. $1200 at 2.8% for 30 months

Mathematics

1 answer:

sasho [114]2 years ago

8 0

let's bear in mind that a year has 12 months, so 30 months is really 30/12 years.

$\bf ~~~~~~ \textit{Simple Interest Earned}
\\\\
I = Prt\qquad
\begin{cases}
I=\textit{interest earned}\\
P=\textit{original amount deposited}\dotfill & \$1200\\
r=rate\to 2.8\%\to \frac{2.8}{100}\dotfill &0.028\\
t=years\to \frac{30}{12}\dotfill &\frac{5}{2}
\end{cases}
\\\\\\
I=(1200)(0.028)\left( \frac{5}{2} \right)\implies I=84$

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