Gabrielle G.
asked • 07/18/17
Find the simple interest if P= $8670, r=4 1/8%, and t=6 years and 8 months.
Michael J.
answered • 07/19/17
Effective High School STEM Tutor & CUNY Math Peer Leader
Simple interest is
I = PRT
where:
I = interest
P = investment
R = rate (decimal)
T = time (years)
Given:
P = 8670
R = 4.125 %
= 0.04125
T = 6 8/12
= 6 2/3
= 6.66
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