SOLUTION: what is the amount of interest earned for one month on 15632.16 at a rate of 10%? I am not coming up with any of the multiple choice answers on my test....my email address is mei

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Question 980961: what is the amount of interest earned for one month on 15632.16 at a rate of 10%?
I am not coming up with any of the multiple choice answers on my test....my email
address is meinga57@aol.com. Thanks for your help. Sharon
Answer by josgarithmetic(39615) About Me  (Show Source):
You can put this solution on YOUR website!
You did not say anything about compounding periods...

The 10% rate would be cut into twelve equal parts to give for one month.

%2810%2F12%29%281%2F100%29, the rate as A FRACTION.
0.008333333333, as the fraction.

The best that can be found using just the information you give is %280.00833333%29%2815632.16%29=130.268