Show how the interest value R8 760.42 for 1 month was calculated
Let P = 8 760.42
Let r = 0.05 (5%)
Let t = 1 month
Interest = P x r x t
Interest = 8 760.42 x 0.05 x 1
Interest = R8 760.42
Let r = 0.05 (5%)
Let t = 1 month
Interest = P x r x t
Interest = 8 760.42 x 0.05 x 1
Interest = R8 760.42