Determine the simple interest. 3 p = $1137.94, r = 1-% per month, t = 6 months 4 3 The simple interest on $1137.94 at 1,% per month for 6 months is $ I. 4 (Round to the nearest cent.)
Determine the simple interest. 3 p = $1137.94, r = 1-% per month, t = 6 months 4 3 The simple interest on $1137.94 at 1,% per month for 6 months is $ I. 4 (Round to the nearest cent.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
![### Determine the Simple Interest
To determine the simple interest, we use the following formula:
\[ \text{Simple Interest} = p \times r \times t \]
where:
- \( p = \$1137.94 \) (Principal)
- \( r = \frac{3}{4}\% \) per month (Rate)
- \( t = 6 \) months (Time)
### Calculation
Given:
\[ p = \$1137.94 \]
\[ r = \frac{3}{4}\% \text{ per month} \]
\[ t = 6 \text{ months} \]
The simple interest on \$1137.94 at \(\frac{3}{4}\% \) per month for 6 months is:
\[ \text{Simple Interest} = 1137.94 \times \left(\frac{3}{4} \div 100\right) \times 6 \]
### Result
\[ \text{Simple Interest} = \$ \_\_\_\_ \]
(Round to the nearest cent.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdac5d7ee-0fa7-484a-bc00-7b87f7d9b252%2Ff6fdaed6-cdfd-4879-8963-1e69281c4472%2Fevqmss_processed.png&w=3840&q=75)
Transcribed Image Text:### Determine the Simple Interest
To determine the simple interest, we use the following formula:
\[ \text{Simple Interest} = p \times r \times t \]
where:
- \( p = \$1137.94 \) (Principal)
- \( r = \frac{3}{4}\% \) per month (Rate)
- \( t = 6 \) months (Time)
### Calculation
Given:
\[ p = \$1137.94 \]
\[ r = \frac{3}{4}\% \text{ per month} \]
\[ t = 6 \text{ months} \]
The simple interest on \$1137.94 at \(\frac{3}{4}\% \) per month for 6 months is:
\[ \text{Simple Interest} = 1137.94 \times \left(\frac{3}{4} \div 100\right) \times 6 \]
### Result
\[ \text{Simple Interest} = \$ \_\_\_\_ \]
(Round to the nearest cent.)
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