Knowee
Questions
Features
Study Tools

Calculate the simple interest earned. Round to the nearest cent.P = $2300, r = 5.3%, t = 6 months

Question

Calculate the simple interest earned. Round to the nearest cent.

  • P = $2300
  • r = 5.3%
  • t = 6 months
🧐 Not the exact question you are looking for?Go ask a question

Solution

To calculate the simple interest, you can use the formula:

I = P * r * t

where: I is the interest, P is the principal amount ($2300 in this case), r is the rate of interest (5.3% or 0.053 in this case), and t is the time period (6 months or 0.5 years in this case).

Substituting the given values into the formula, we get:

I = 2300 * 0.053 * 0.5

Now, calculate the multiplication:

I = 61.45

So, the simple interest earned would be $61.45 when rounded to the nearest cent.

This problem has been solved

Similar Questions

Calculate the simple interest earned. Round to the nearest cent.P = $2000, r = 5.1%, t = 20 days$

Find the time period, if the simple interest is Rs.6.75 at the rate of 4.5% on a sum of Rs.300

If you invest $76 000 into a term deposit that offers a fixed interest rate of 5.6% p.a. for a period of 5 years, how much simple interest will be earned?

Calculate the amount of money invested at 9.25% per annum, when $5 781.25 simpleinterest was collected after 5 years.

Find the simple interest on Rs. 68,000 at 16(2/3)% per annum for a period of 9 months?Choices:- Rs. 8500 Rs. 3200 Rs. 2100 Rs. 4300

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.