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Home Q & A Board Science-Related Homework Help Mathematics
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choco1433 choco1433
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Convert the annual rate to a monthly rate. Then compute the simple interest on a monthly basis. Round answers to the nearest cent.

 Principal, Annual Rate, and Time
Interest
a.$15,600 at 15% for 8 months
__________
b.$10,000 at 8.4% for 3 months
__________
c.$  8,775 at 10.5% for 5 months
__________
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
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knh1473knh1473
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More solutions for this book are available here

a.15% ¸ 12 = 1.25%; $15,600 ´ 0.0125 ´ 8 = $1,560.00
b.8.4% ¸ 12 = 0.7%; $10,000 ´ 0.007 ´ 3 = $210.00
c.10.5% ¸ 12 = 0.875%; $8,775 ´ 0.00875 ´ 5 = $383.91
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
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This helped my grade so much Perfect
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