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strausshailey strausshailey
  • 27-02-2017
  • Mathematics
Answered

simple interest = P × r × t Perry earns 5 percent simple interest annually on his savings account. How much interest will Perry earn each month on $650?

Verified Answer :

Anonymous Anonymous
  • 27-02-2017

P = $650
r = 5% annually = 0.05
t = 1 month = 1/12 year

SI = Prt = 650 * 0.05 * 1/12 = $2.7

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