Question

What is the simple interest on $360 borrowed for 30 months at 12.3%

Answer 1

110.70

Explanation:

30/12=2.5

360*2.5*.123=110.7

110.70

Hope This helps :)

Answer 2

keeping in mind that there are 12 months in a year, therefore, 30 months is really 30/12 years,


`\bf ~~~~~~ \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$360\\ r=rate\to 12.3\%\to (12.3)/(100)\to &0.123\\ t=years\to (30)/(12)\to &(15)/(6) \end{cases} \\\\\\ I=(360)(0.123)\left( (15)/(6) \right)\implies I=110.7`