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28 August, 11:16

Simple interest = P * r * t Perry earns 5 percent simple interest annually on his savings account. How much interest will Perry earn each month on $650?

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  1. 28 August, 11:34
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    P = $650

    r = 5% annually = 0.05

    t = 1 month = 1/12 year

    SI = Prt = 650 * 0.05 * 1/12 = $2.7
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