Problema Solution
Find the simple interest. (The rate is an annual rate unless otherwise noted. Assume 365 days in a year.)
p = $ 71,600, r = 8%, t = 2 months
Answer provided by our tutors
p = $ 71,600
r = 8% or 0.08
t = 2 months = 2/12 years = 1/6 years
I = p*r*t
I = 71600*0.08*(1/6)
I = $954.67
the interest is $954.67.