Question

Find the interest earned if you place $76.43 into an account that pays 21.5% simple interest and leave it in for 3 months.

Answer 1

$80.54

Explanation:

The equation is A = P(1 + rt). You need to solve for A, the amount. P is the intial amount. r is the interest rate. t is the time in years. Convert 3 months into 3/12 years. Now plug in each of the numbers and solve.