Question

6. Find the interest to the nearest cent for a principal of
$1,900, an interest rate of 13%, and a time of
30 months

Answer 1

Answer:

The interest to the nearest cent is 617.50

Solution:

The formula for interest is

$Interest=\frac{Principal\times Rate\times Time}{100}$

In the question it is given that  

Principal = 1900

Rate = 13 $\%$

Time = 30 Months = $\frac{30}{12}$ year = $\frac{5}{2}$ year.

Now putting the values pf Principal, rate and time in the formula for Interest we get

Interest = $\frac{1900\times13\times5}{100\times2}$

On solving we get,

=$\frac{123500}{200}$

= $\frac{1235}{2}$

On dividing both the values we get,

= 617.5

Nearest cent is the nearest hundredth.

Thus, the interest to the nearest cent is 617. 50