Find the interest. Round to the nearest cent.
$1850 at 8% for 14 months
I=PRT, but the time is 14/12 (as you need to consider years)
So
I=1850(.08)(14/12)
To find the interest, we can use the simple interest formula:
Interest = Principal × Rate × Time
Principal = $1850
Rate = 8% = 0.08 (in decimal form)
Time = 14 months
Plugging in these values, we get:
Interest = $1850 × 0.08 × 14 = $2068
Rounded to the nearest cent, the interest earned would be $2068.
To find the interest on $1850 at 8% for 14 months, you can use the simple interest formula:
Interest = Principal × Rate × Time
Where:
- Principal is the initial amount you have, which is $1850 in this case.
- Rate is the interest rate per year, which is 8% or 0.08 as a decimal.
- Time is the duration in years, which is 14 months divided by 12 to convert it to years.
Let's plug in the values and calculate:
Principal = $1850
Rate = 8% or 0.08
Time = 14 months ÷ 12 = 1.17 years (rounded to two decimal places)
Interest = $1850 × 0.08 × 1.17
Multiplying these values, we find:
Interest = $1850 × 0.08 × 1.17 = $171.96 (rounded to the nearest cent)
Therefore, the interest on $1850 at 8% for 14 months is approximately $171.96.