Ask Question
13 February, 17:13

Ignacio earns 5 percent simple interest annually on his savings account. How much interest will he earn each month on $1250? simple interest = P * r * t $5.21

+1
Answers (1)
  1. 13 February, 20:53
    0
    I=PRT

    I=interest

    P=principal

    R=rate in decimal

    T=time in years

    we want to find how much he earns when he invests 1250, on 5%, and how much per month, or 1/12 years

    P=1250

    R=0.05

    T=1/12

    I=1250 (0.05) * (1/12)

    I=62.5/12

    I=5.2083333

    round to nearest cent

    I=$5.21

    about $5.21 per month
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Ignacio earns 5 percent simple interest annually on his savings account. How much interest will he earn each month on $1250? simple ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers