Given the money invested and the interest rate, the value of the interest earned after 8 months is $82.50.
What is the value of the Interest?
From the equation of simple interest; I = PRT
Given that;
- Principal P = $4,500
- Interest rate R = 2.75% = 2.75/100 = 0.0275
- Time T = 8 months = 8/12 years
- Interest I = ?
I = PRT
I = $4,500 × 0.0275 × 8/12
I = $82.50
Given the money invested and the interest rate, the value of the interest earned after 8 months is $82.50.
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