Question

What's the simple interest of $7200 for 3months at 7% per annum

Answer 1

Answer:

The interest is $1512 and the amount is $1519.

Step-by-step explanation:

: Convert interest rate of 7200% per month into a rate per year. Then Convert 3 months into years. Next Find an interest by using the formula, where I interest, P is total principal, i is the rate of interest per year, and t is the total time in years. Lastly, Find an amount by using the formula.