How much money must be invested at 6.3 % simple interest to earn $250 in interest each month?

Answer 1

I = PRT
250 = 0.063P * 0.083
250/0.0052 = P
48,076.92 = P

Answer 2

where did you get 0.083

Answer 3

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

Answer 4

Yup. Thank you

Answer 5

y do u have to do 1/12.... wow 2015

Answer 6

nvmd
saw the correction