Asked by victoria burgos on Jun 02, 2024
Verified
How much interest could you earn over 2 months on an investment of $82,500 at 23.5%?
A) $3,231
B) $9,694
C) $6,942
D) $714
E) $4,216
Interest
A charge for borrowed money, generally a percentage of the borrowed amount.
Months
Units of time, each roughly corresponding to one cycle of the moon’s phases, used in planning and scheduling.
- Calculate basic interest and essential theories.
Verified Answer
MP
mihir patelJun 08, 2024
Final Answer :
A
Explanation :
The interest earned over 2 months on an investment of $82,500 at an annual interest rate of 23.5% can be calculated as follows: First, find the monthly interest rate by dividing the annual rate by 12 (23.5% / 12 = 1.9583%). Then, calculate the interest for 2 months: $82,500 * 1.9583% * 2 = $3,231.
Learning Objectives
- Calculate basic interest and essential theories.