Q:

6. Find the interest to the nearest cent for a principal of$1,900, an interest rate of 13%, and a time of30 months

Accepted Solution

A:
Answer: The interest to the nearest cent is [tex]\$[/tex]617.50 Solution:The formula for interest is [tex]Interest=\frac{Principal\times Rate\times Time}{100}[/tex]In the question it is given that  Principal = [tex]\$[/tex]1900 Rate = 13 [tex]\%[/tex] Time = 30 Months = [tex]\frac{30}{12}[/tex] year = [tex]\frac{5}{2}[/tex] year. Now putting the values pf Principal, rate and time in the formula for Interest we get Interest = [tex]\frac{1900\times13\times5}{100\times2}[/tex]On solving we get,=[tex]\frac{123500}{200}[/tex]= [tex]\frac{1235}{2}[/tex]On dividing both the values we get,= [tex]\$[/tex]617.5 Nearest cent is the nearest hundredth.Thus, the interest to the nearest cent is [tex]\$[/tex]617. 50