How much interest could you earn over 2 months on an investment of $82,500 at 23.5%?
A) $3,231
B) $9,694
C) $6,942
D) $714
E) $4,216

Question

Quizplus · Accepted Answer

The interest earned over 2 months on an investment of $82,500 at an annual interest rate of 23.5% can be calculated as follows: First, find the monthly interest rate by dividing the annual rate by 12 (23.5% / 12 = 1.9583%). Then, calculate the interest for 2 months: $82,500 * 1.9583% * 2 = $3,231.

How Much Interest Could You Earn Over 2 Months on an Investment