How much simple interest would x dollars earn in 13 months at a rate of r percent

Question

asked Feb 24, 2020 214k views

1 Answer

Rob Mayoff · Answer 1 · 2020-02-28T00:20:15+0000

Answer:

I=(13xr)/(1,200)

Explanation:

we know that

The simple interest formula is equal to

I=P(rt)

where

I is the Simple interest Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal form

t is Number of Time Periods in years

in this problem we have

$t=(13/12)\ years\\ P=\$x\\r=(r/100)$

substitute in the formula above

I=x(r/100)(13/12)

I=(13xr)/(1,200)