Answer: $56.25
Step-by-step explanation:
Money: $1000
Interest: 7.5% or [tex]\frac{7.5}{100} =0.075[/tex]
There are two steps you can use to find this.
First
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To find the annual interest multiply by the rate.
[tex](1000)(0.075)\\=75[/tex]
We can now find how much that is per month;
[tex]\frac{75}{12} = 6.25[/tex] per month, to find how much that is in 9 months, multiply by 9
[tex]6.25*9=56.25[/tex]
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Second
You know 12 months is 1 year, you divide the amount of months that we're trying to calculate the interest of, by the amount of years in months; in this case, 12.
[tex]\frac{9}{12}=0.75[/tex]
Multiply that by the interest and the total amount.
[tex](0.75)(0.075)(1000)\\= 56.25[/tex]
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