find the interest. round to the nearest cent $290 at 8.8% for 3 months
6.38
I = PRT
I = 290 * 0.088 * 0.25
I = ?
To calculate the interest, you can use the formula:
Interest = Principal * Rate * Time
Where:
Principal = $290
Rate = 8.8% (which is equal to 0.088 in decimal form)
Time = 3 months
Plugging in the values, we have:
Interest = $290 * 0.088 * 3
Calculating this expression, we get:
Interest = $76.968
Rounding this to the nearest cent, the interest is $76.97.
To find the interest on a loan or investment, you can use the formula:
Interest = Principal x Rate x Time
In this case, the principal (P) is $290, the interest rate (R) is 8.8% (which needs to be converted to a decimal), and the time (T) is 3 months.
First, convert the interest rate from a percentage to a decimal by dividing it by 100:
8.8% / 100 = 0.088
Now, we can calculate the interest using the formula:
Interest = $290 x 0.088 x 3 months
Interest = $290 x 0.264
Interest = $76.56
Rounding to the nearest cent, the interest is approximately $76.56.