Find the interest earned on an investment with a principal = $880, interest rate = 3 % per year and time = 9 months.
$19.80
$899.80
$237.60
$2,376

Question

Find the interest earned on an investment with a principal = $880, interest rate = 3 % per year and time = 9 months.
       $19.80
       $899.80
       $237.60
       $2,376

hartnn · Answer

Use the formula
I = P*N*R

where I = interest 
P = principal amount = 880 here
R = rate of interest = 3% = 3/100 here
N = time in years = 9/12 here :)

anonymous · Answer

i guess we have to assume it is compounded monthly for this problem although it doesnt say that

hartnn · Answer

ohhhh...but when i used this formula, i got an answer which is in the choices, so i didn't try compound interest