Find the simple interest. Round your answer to the nearest cent.
-Principal $=\$ 900$
Interest Rate $=3 \frac{1}{4} \%$
Time in months $=21$
A) $\$ 51.19$
B) $\$ 614.25$
C) $\$ 23.63$
D) $\$ 511.88$

Question

Quizplus · Accepted Answer

The simple interest formula is $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P = \$900$, $r = 3 \frac{1}{4} \% = 0.0325$, and $t = 21 \text{ months} = \frac{21}{12} \text{ years}$, we calculate $I = 900 \times 0.0325 \times \frac{21}{12} = \$51.1875$, which rounds to $\$51.19$.

Find the Simple Interest =$900=\$ 900=$900 Interest Rate =314%=3 \frac{1}{4} \%=341​% Time in Months

Find the Simple Interest $=\$ 900$ Interest Rate $=3 \frac{1}{4} \%$ Time in Months