Question

Compute the amount of interest earned in the following simple interest problem. A deposit of $7,000 at 8.5% for 120 days.

Answer 1

Hi there
The formula is
I=prt
I interest earned?
P principle 7000
R interest rate 0.085
T time 120/360

I=7,000×0.085×(120÷360)
I=198.33

Hope it helps