Find the interest. Round to the nearest cent in necessary.
Principal - $178
Rate - 4%
Time in months - 12
Is 4% a yearly or monthly interest?
http://www.aaamath.com/g84-simple-interest.html
Read the 2nd paragraph carefully.
To find the interest, you can use the formula:
Interest = Principal * Rate * Time
Here's how you can calculate the interest:
1. Convert the rate from a percentage to a decimal by dividing it by 100:
Rate = 4% / 100 = 0.04
2. Multiply the principal by the rate and the time in months to get the interest:
Interest = $178 * 0.04 * 12
3. Calculate the result:
Interest = $85.44
Rounded to the nearest cent, the interest is $85.44.