How much simple interest does $2,560 earn in 17 months at a rate of 5 and 1/8%? round to the nearest cent.

Answer

$185.86667

Explanation

The formula for simple interest is:

I = PRT

Where I ⇒ interest

           P ⇒ amount deposited.

          R ⇒ interest rate

          T ⇒ period for investing

17 months = 17/12 years

5 1/8 = 5.125

∴ I = 2,560 ×17/12 × 5.125/100

     = 2560 × 17/12 × 0.05125

      = $185.86667

To the nearest tenth answer = $185.90

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