Answer:
Step-by-step explanation:
principal ( p ) = $3100
Rate ( R ) = 5.5 %
Time ( T ) = 3 months
( convert months into year)
= 3/12 year
Simple Interest ( I ) = ??
By using formula ,
simple Interest ( I) = PTR / 100
=$3100 × 5.5 % × 3/12 ÷ 100
= 3100 × 5.5 × 3 ÷ 100 × 12
= 51150 ÷ 1200
= 42.625
= $ 42.625
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