Question

Simple interest Help!!

Leo deposited $2,476.96 in a savings account that earns 2.9% simple interest. What will Leo’s account balance be in 11 months?

$2,548.79

$2,476.96

$2,542.81

$3,267.11

The 11 months is what is throwing me off. ): Please help me! I am taking a final exam and this is my last question and I am completely stuck!

Answer 1

you just continue doing as you were doing good luck

Answer 2

But, I don't know what to do with the 11 months. I would know what to do if it was 11 years, but I'm not sure how to work it out with months. Do you think you could help me out?

Answer 3

Is the 2.9% per month or per year?

Answer 4

It doesn't specify, but I would assume that it's per month

Answer 5

well then you would just do it as if you would per year. so do 2.9% (2.9/100) Multiplied by the balance so 2.3/100 * 2,476.96. Then to get the balance for the second month you do 2.9/100*2,548.79. And just keep doing that :)

Answer 6

do you get it?

Answer 7

Sorry for the extremely late reply!
No, I don't really understand