Answer:
simple interest is 8350 for 15 months
Step-by-step explanation:
Explanation:-
The simple interest formula A = P (1 + r t)
where 'P' is the principal amount of money to be invested at an interest Rate' r % per period for' t ' number of time periods.
Given data The principal P is borrowed at a simple interest rate r for a period of time t.
Given principal amount P = $8000
simple interest rate r = 3.5%
period of time 't' = 15 months
Calculation:-
Putting time into years
[tex]\frac{15months}{12 months/year} = 1.25 years[/tex]
t = 1.25 years
r = 3.5%
r = 0.035 per year
now equation is A = P (1 + r t)
A = 8000 ( 1+ ( 0.035 X 1.25)
A = 8000 X 1.04375
A = 8350
simple interest is 8350 for 15 months.
