$\$ 800$ at $7.2 \%$ for $\frac { 1 } { 12 }$ year

Name: $\$ 800$ at $7.2 \%$ for $\frac { 1 } { 12 }$ year
Brand: Quizplus
Rating: 4.9 (32 reviews)

Question

Quizplus · Accepted Answer

The interest can be calculated using the formula $I = PRT$, where $I$ is the interest, $P$ is the principal amount (\$800), $R$ is the annual interest rate (7.2% or 0.072), and $T$ is the time in years ($\frac{1}{12}$ year). Substituting the values, we get $I = 800 \times 0.072 \times \frac{1}{12} = \$4.80$.

$800\$ 800$800 At 7.2%7.2 \%7.2% For 112\frac { 1 } { 12 }121​

$\$ 800$ At $7.2 \%$ For $\frac { 1 } { 12 }$