Asked by maths

If you withdraw part of your money from a certificate of deposit before the date of maturity, you must pay an interest penalty. Suppose you invested $7000 in a one-year certificate of deposit paying 8.6% interest. After 6 months, you decide to withdraw $7000. Your interest penalty is 3 months simple interest on the $7000. What interest penalty do you pay? (Round your answer to two decimal places.) Show your work
Answered by maths
If you withdraw part of your money from a certificate of deposit before the date of maturity, you must pay an interest penalty. Suppose you invested $9000 in a one-year certificate of deposit paying 8.3% interest. After 6 months, you decide to withdraw $9000. Your interest penalty is 3 months simple interest on the $9000. What interest penalty do you pay? (Round your answer to two decimal places.)
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