Basic College Mathematics (10th Edition)

Published by Pearson
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Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises - Page 447: 36

Answer

When time is given in months, it can be converted to a fraction of a year by dividing by 12.

Work Step by Step

When time is given in months, it can be converted to a fraction of a year by dividing by 12. For example, consider this problem: Problem: Find the interest accumulated on a $\$1000$ investment at a rate of 10% per year after 6 months. Answer: $I=Prt$ $I=1000*0.10*\frac{6}{12}$ $I=100*6/12$ $I=600/12$ $I=\$50$
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