| Jane deposited $850 in a savings account. How much interest will her money earn after 21 months if the interest rate is 6%? |
|
Let P = Principle Let R = Rate Let T = Time Let I = Interest Given: P = $850 Given: R = 6% Given: T = 21 MONTHS Find: I
21
21 months = ------ = 1.75 years
12
Interest = Principle * Rate * TimeI = PRT I = $850 * 6% * 1.75 I = $850 * 0.06 * 1.75 I = $89.25 |