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November 27, 2014

November 27, 2014

Posted by **Dee** on Saturday, May 7, 2011 at 4:05pm.

- Finite Math -
**drwls**, Saturday, May 7, 2011 at 4:23pmSimple interest is paid when the money is paid back (or in this case, withdrawn). That is not how banks compute interest either owed or paid, but since they want you to do it that way, here is what you do:

If the initial principal is X,

X*(1 + 0.08*(10/12)) = 1200.00

X*(1.06666667) = 1200

X = 1125.00

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