Directions: Calculate the following simple interest problems. Write your answers in the space provided. Use the formula I = PxRxT and round your answers to the nearest cent or the
nearest tenth of a percent. Use four decimal places for fractions of time.
(a) I = ?, P = $500, R = 8%, T = 3 months (3/12)
simple interest: $
(b) I = ?, P = $50, R = 12%, T = 1 month (1/12)
simple interest:
cents
(C) I = ?, P = $1,000, R = 18%, T = 24 months (24/12)
simple interest: s
(d) I = ?, P = $600, R = 15%, T = 60 days (60/360)
simple interest: s
(use .1667)