Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapter 6 - Percent - Review Exercises - Page 470: 91

Answer

$3331.25

Work Step by Step

Simple Interest = $Principal \times rate \times time$ Principal = 20,500 dollars interest = $6\frac{1}{2}$ = 6.5 % = 0.065 time = 30 months = $\frac{30}{12}$ = 2.5 years Interest = $20,500\times0.065\times2.5$ = 3331.25 dollars will be earned.
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