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  • one year ago

Ignacio earns 5 percent simple interest annually on his savings account. How much interest will he earn each month on $1250? simple interest = P × r × t $5.21 $52.10 $62.50

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  1. IrishBoy123
    • one year ago
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    "5 percent simple interest *annually*" COMBINED WITH "How much interest will he earn *each month*" you should de-compound the 5%, but that is usually over and above. thus, 5% annual is \(\frac{5}{12}\)% per month. and \(\frac{0.05}{12}* USD \ 1250 = USD\ 5.208 \dot{3}\)

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