Answer: $6280
Step-by-step explanation:
7-month: $6000
rate: 8% annual
First find how much is 7 months out of 12 months (because a year has 12 months and this is annual interest)
Take the amount of months that you're trying to calculate and divide by 12.
[tex]\frac{7}{12}=0.583[/tex]
Also convert 8% to decimals. You can do this by dividing by 100.
[tex]\frac{8}{100}=0.08[/tex]
To calculate the interest, simply multiply the amount (6000) times the percentage (0.08) times the amount of months in decimal form (0.583).
(6000)(0.08)(0.583)
$279.84 or ≅ $280.00
Having found the interest, simply add it to the original amount (6000)
6000+280= $6280
