Respuesta :
Simple Interest can be calculated using the formula I=Pr t
Here I= interest earned ,P= Principal ,R= rate of interest ,t= time in years.
It is given Principal P=$7,064
Rate r=6.5% =0.065
Time t= 8 months =[tex] \frac{8}{12} =\frac{2}{3} [/tex] years
Substituting these values in I = P r t
I =(7064)(0.065)([tex] \frac{2}{3} [/tex])
Solving for I
I=306.11
interest earned on $7,064 at 6.5% for 8 months is $306.11
