Sam deposited $350 into a savings account that paid 5% in simple interest. When he withdrew his money 8 months later, how much interest did he receive?

The equation for simple interest is

I = P x R% x T

I is simple interest

P is principal, which is the amount u deposit in

R% is the rate

And T means the time

However, this question didn't list whether 5% is per annual or per monthly.

Suppose it's oer annual,

From the numbers, we can substitute in

Interest = 350 x (5%/12) x 8

Note that since the amount of time is in months, and one year has 12 months, so we need to change the rate into per monthly.

Interest = 350 x (5%/12) x 8

Answer = $11.66666676

But suppose it's per monthly.

This time we don't need to divide the rate by 12.

Interest = 350 x 5% x 8

=$140