As 1,000 earns simple interest at the rate of 3% each year. The interest is paid at the end of every month. How much interest wi
ll the bond have earned after 3 months?
1 answer:
9514 1404 393
Answer:
$7.50
Step-by-step explanation:
The monthly interest rate is 3%/12 = 1/4%. The dollar amount of interest earned in 3 months is ...
I = Prt = $1000(0.0025/mo)(3 mo) = $1000(0.0075) = $7.50
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Step-by-step explanation:
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