Mathematics: On january 1, the balance in your account in $800. on july 1, you deposit $250. your bank pays 5.8% interest. calculate the amount of simple interest that you earned on july 1

2 2/5Step-by-step explanation:...

On january 1, the balance in your account in $800.

genesisprieto11

14.01.2022

The amount of simple interest earned on July 1 is $823.2.

Step-by-step explanation:

Here, the principal amount = $800

The rate of interest = 5.8%

Now, the interval of the deposition = from 1 January to 1 July

So, the duration of the deposited amount = 6 months

Now, 12 Months = 1 Year

So, 6 months = 6 /12 = 0.5 year

Now, $\textrm{SIMPLE INTEREST} = \frac{P \times R \times T}{100}$

$\implies SI = \frac{800 \times 5.8 \times 0.5}{100} = 23.2$

So the interest earned on $800 is $23.2.

Now, Amount = INTEREST + PRINCIPAL

⇒ A = $800 + $23.2 = $823.2

Hence, the amount of simple interest earned on July 1 is $823.2.

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