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1) What is the simple interest if Principal = $100, Rate = 5% and time = 3 months?
2) Find the simple interest given that Principal = $900, Rate = 5% andd Time =1 year 4 months.

Respuesta :

Answer:

1. 1.25, 2. $60

Step-by-step explanation:

1. 100 x .05=$5 interest/year

$5/12=.42 interest per month

.42x3 =1.25 interest for 3 months

2. 900 x .05=$45 interest/year

$45/12=3.75 interest/month

$3.75 x 16 months=$60 interest/16 months

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