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7 November, 14:53

Compute the amount of interest earned in the following simple interest problem A deposit of $1,295 at 7% for 180 days

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  1. 7 November, 18:20
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    Answer: the amount of interest earned is $44.7

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount deposited.

    P represents the principal or amount deposited.

    R represents interest rate

    T represents the duration in years.

    From the information given,

    P = $1295

    R = 7%

    T = 180 day. Assuming there are 365 days in a year. Converting 180 days to years, it becomes

    180/365 = 0.49315 year

    Therefore,

    I = (1295 * 7 * 0.49315) / 100 = $840,

    I = $44.7
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