Question

An amount of $700 was invested at 7% for 7 months what is the interest? Round your answer to your nearest cent.

Answer 1

Answer:

$343

step by step explanation: interest=PRT/100

:I=700×7×7/100

:I=$343.

Answer 2

Given:

Principal, P = $700

Rate of interest, R = 7% = 0.07

Time period, T = 7 months (it is considered as a monthly investment)

∴ Simple Interest, SI = PRT

SI = 700 × 0.07 × 7

SI = $343

What is straightforward interest and model?

Straightforward Simple Interest is the strategy for working out the premium sum for a specific chief measure of cash at some pace of revenue. For instance, when an individual takes credit of Rs. 5000, at a pace of 10 p.a. for a very long time, the individual's advantage for quite some time will be S.I. on the acquired cash.

Straightforward recipes generally start with an equivalent sign (=), trailed by constants that are numeric qualities and computation administrators like in addition to (+), short (- ), asterisk(*), or forward cut (/) signs.

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