SOLUTION: If 5000 is invested at 8% simple interest for 3 months, how much interest is earned

SOLUTION: If 5000 is invested at 8% simple interest for 3 months, how much interest is earned

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Question 524939: If 5000 is invested at 8% simple interest for 3 months, how much interest is earned
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
simple interest formula:

= amount after years
= amount invested
= interest rate
For 1 year:

$400 interest is earned in 1 year
3 months is of a year

$100 in interest is earned in 3 months
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