Prealgebra (7th Edition)

Published by Pearson
ISBN 10: 0321955048
ISBN 13: 978-0-32195-504-3

Chapter 7 - Section 7.6 - Percent and Problem Solving: Interest - Exercise Set: 8

Answer

77.50

Work Step by Step

I=PRT Let P=775dollars, R=15%, T = 8 months 8 months =$\frac{8}{12}$ year=$\frac{2}{3}$ I = 775 $\times$15% $\times$ $\frac{2}{3}$ Write 15% as a decimal I = 775$\times$0.15$\times$ $\frac{2}{3}$ Multiply I = 116.25$\times$$\frac{2}{3}$ = $\frac{232.5}{3}$ = 77.5 The simple interest is 77.5 dollars.
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