Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
-John Lee's savings account has a balance of $\$ 1010$. After 9 months, what will the amount of interest be at $4.8 \%$ per year?
A) $\$ 48.48$
B) $\$ 36.36$
C) $\$ 112.22$
D) $\$ 57.49$

Question

Quizplus · Accepted Answer

The interest can be calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount (\$1010), $r$ is the annual interest rate (4.8% or 0.048), and $t$ is the time in years. For 9 months, $t = \frac{9}{12} = 0.75$ years. Thus, $I = 1010 \times 0.048 \times 0.75 = \$36.36$.

Solve the Problem $1010\$ 1010$1010 After 9 Months, What Will the Amount of Interest

Solve the Problem $\$ 1010$ After 9 Months, What Will the Amount of Interest