Use the formula $i = P r t$ to reach a solution for the following problem. How much is a month s interest on a mortgage balance of $2,640 at an 7% annual interest rate?
A) $185.80
B) $15.40
C) $184.80
D) $30.80
E) none of these

Question

Quizplus · Accepted Answer

To find the monthly interest, use the formula $i = P \times r \times t$. Here, $P = 2640$, $r = 0.07$ (annual rate), and $t = \frac{1}{12}$ (one month). So, $i = 2640 \times 0.07 \times \frac{1}{12} = 15.40$.

Use the Formula i=Prti = P r ti=Prt To Reach a Solution for the Following Problem

Use the Formula $i = P r t$ To Reach a Solution for the Following Problem