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Solving Interest Word Problems: Find Interest for Time Period in Days or Months
See Also: Find Interest Rate for Time Period in Days or Months
See Also: Find Yearly Interest
See Also: Find Balance After a Given Time

What You Enter
Jane deposited $850 in a savings account. How much interest will her money earn after 21 months if the interest rate is 6%?






What You Get
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 * Time
I = PRT
I = $850 * 6% * 1.75
I = $850 * 0.06 * 1.75
I = $89.25




























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Updated May 28, 2008
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