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Interest accrued on $7,500 at 8% for 90 days is Note: Use 360 days a ye
Interest accrued on $7,500 at 8% for 90 days is Note: Use 360 days a year
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Koala Tutor
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The formula to calculate simple interest is I = PRT, where I is the interest, P is the principal amount (initial investment), R is the annual interest rate (in decimal form), and T is the time the money is invested for in years.
In this case, P = $7,500, R = 8% or 0.08 (in decimal form), and T = 90/360 = 0.25 years.
So, I = PRT
= $7,500 * 0.08 * 0.25
= $150.
So, the interest accrued on $7,500 at 8% for 90 days is $150.
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