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JB Umphrey
JB Umphrey, Consultant
Category: General
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Experience:  Skilled at assisting with general information needs.
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what is the simple interest owed on p=500.00 r= 8% t= 3

Resolved Question:

what is the simple interest owed on
p=500.00
r= 8%
t= 3 months
Submitted: 5 years ago.
Category: General
Expert:  JB Umphrey replied 5 years ago.
Is the rate 8% per year?
Customer: replied 5 years ago.
yes it is
Expert:  JB Umphrey replied 5 years ago.
Thank you. Then the simple interest is $10.

The formula is 500 × 0.08 × 0.25

0.25 is used to reflect that 3 months is one quarter of year.

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