Calculate the simple interest on a sum of $7800 at rate of 4.8 percent per annum for a period of 8 months
+561 The formula for simple interest is:
Original Money x Interest / 100 x (time / time for interest to do one "cycle")
Cycle isn't the right word, put it's the per annum or per day bit.
7,800 x 4.8 / 100 x (8 / 12)
= 37,440 / 100 x 0.75
= 374 x 0.75
= 280.50$
This means you end up with 8080.50$ if you include the original money.
+561 The formula for simple interest is:
Original Money x Interest / 100 x (time / time for interest to do one "cycle")
Cycle isn't the right word, put it's the per annum or per day bit.
7,800 x 4.8 / 100 x (8 / 12)
= 37,440 / 100 x 0.75
= 374 x 0.75
= 280.50$
This means you end up with 8080.50$ if you include the original money.
