Asked by Gina

How much money must be invested at 6.3 % simple interest to earn $250 in interest each month?
Answered by Ms. Sue
I = PRT
250 = 0.063P * 0.083
250/0.0052 = P
48,076.92 = P

Answered by Gina
where did you get 0.083
Answered by Ms. Sue
0.083 = 1/12 = 1 month

I think I made a mistake though. This method will give a more accurate answer.

250 * 12 = 3000 yearly interest

3,000 = P * 0.063

47.619.05 = P
Answered by Gina
Yup. Thank you
Answered by kiran
y do u have to do 1/12.... wow 2015
Answered by kiran
nvmd
saw the correction
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