Question 553312


Leroy invests $9,500 at 16% simple interest. About how much interest will he earn in 8 months?


Simple interest = Principal * time * rate


OR


SI = PTR, where P = 9,500, T = 8/12, and R = .16


Therefore, SI = {{{9500 * (8/12) * .16}}}, or {{{(9500(8)(.16))/12}}}


SI, or simple interest = ${{{highlight_green(1013.33)}}}


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