Find the simple interest for the indicated length of time. $7915 at 9% interest for 9 months?
interest - P* R * t /100
P = $7915
R = 9%
t = 9 months = 9/12 yrs = 0.75
I = 7915*9*0.75/100
I = PRT
= 7915x.09x9/12
= ...
The answer would be $534.26!? What confused me was the nine months, I wasn't sure how to compute that.
To find the simple interest for a given amount, interest rate, and length of time, you can use the formula:
Simple Interest = Principal (P) × Interest Rate (R) × Time (T)
In this case, the principal amount (P) is $7915, the interest rate (R) is 9% (0.09 as a decimal), and the time (T) is 9 months.
Substituting the values into the formula:
Simple Interest = $7915 × 0.09 × 9
Calculating it:
Simple Interest = $7915 × 0.81
Simple Interest = $6,407.15
Therefore, the simple interest for $7915 at 9% interest for 9 months is $6,407.15.