Sally deposited $3600 and the annual rate of interest is 6.5%. What is the interest amount for a 30-month period?
I = prt.
I = amt of interest
p = principal
r = rate (0.065 per year)
t = time in years = 2.5 years
I = 3600*0.065*2.5 = ??
To find the interest amount for a 30-month (2.5 years) period, you can use the formula I = prt, where I is the interest amount, p is the principal (the amount of money deposited), r is the rate of interest per year (expressed as a decimal), and t is the time in years.
Given:
p = $3600
r = 0.065 (annual interest rate of 6.5% expressed as a decimal)
t = 2.5 years
Substitute these values into the formula:
I = 3600 * 0.065 * 2.5
Simplifying the calculation:
I = 585
Therefore, the interest amount for a 30-month period is $585.