Determine the simple interest
P=2500 R=3 7/8 T=9 months
I = PRT
I = 2500 * 0.03875 * 0.75
I = ?
I= 72.65625
Right.
Rounded it's $72.66
Thanks!
You're welcome.
To determine the simple interest, you can use the formula:
Simple Interest = (Principal * Rate * Time) / 100
Given:
Principal (P) = $2500
Rate (R) = 3 7/8 (convert it to decimal form)
Time (T) = 9 months
Step 1: Convert the rate to decimal form
To convert 3 7/8 to a decimal, you can calculate it as follows:
(3 + 7/8) = (3 * 8 + 7) / 8 = 31 / 8 = 3.875
Step 2: Calculate the simple interest using the formula
Simple Interest = (2500 * 3.875 * 9) / 100
Let's do the calculations:
Simple Interest = (2500 * 3.875 * 9) / 100
= (2500 * 34.875) / 100
= 87187.5 / 100
= 871.875
Therefore, the simple interest is $871.875.