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14 September, 17:39

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. 14 September, 17:57
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    Simple interest:

    I = P * r * t

    P = $650

    r = 5% = 0.05

    t = 1/12 (one month)

    I = $650 * 0.05 * 1/2

    I = $2.70

    Answer:

    Perry will earn $2.70 each month.
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