Question

Andrew borrows $79,500 for 5 months on 6.30% interest rate in his saving account. Calculate the simple interest?
Ms. Sue
I = PRT

I = 79,500 * 0.063 * 0.4167

I = ?
Anonymous
Ms. Sue, how did u get 0.4167? Is it supposed to be 5?
Ms. Sue
No. The interest is figured on a yearly basis. 5/12 = 0.4167
Anonymous
I got 0.342021?
Ms. Sue
Obviously that isn't right.

Did you multiply those three numbers together?
Anonymous
Yes, now I got 2,087.04195
Anonymous
What is the answer Ms.Sue
Anonymous
2087.04
shayla
i did not understand enything that you said and i looked in the coments hopeing that they would help me but is did not
thanks for the help
Anonymous
Steve took out a loan. The principal is $47,300. The rate is 3% and the length of the loan is 4 months. How much will the interest be?
kara
Steve took out a loan. The principal is $47,300. The rate is 3% and the length of the loan is 4 months. How much will the interest be?