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OpenStudy (anonymous):
Ignacio earns 5 percent simple interest annually on his savings account. How much interest will he earn each month on $1250?
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OpenStudy (anonymous):
Does the interest compound monthly?
OpenStudy (anonymous):
nevermind, re-read the question...
OpenStudy (anonymous):
$1250(.05)=$5.21
OpenStudy (anonymous):
$1250(.05)/12=$5.21 rather
OpenStudy (anonymous):
Simple interst I = prt I =1250(.05)(1/12) = $5.21
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OpenStudy (anonymous):
Yes, $5.21
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