note: please make sure to properly format your answers. all dollar figures in the answers need to include…

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all decimal values without specific rounding instructions, round your answers to two decimal places. show both decimal places (3.00).\nhow much simple interest does $2,560 earn in 11 months at a rate of 1 1/8%? round to the nearest cent.

note: please make sure to properly format your answers. all dollar figures in the answers need to include the dollar sign and any amount over 1,000 should include the comma ($2,354.67). all percentage values in the answers need to include a percentage sign (%). for all decimal values without specific rounding instructions, round your answers to two decimal places. show both decimal places (3.00).\nhow much simple interest does $2,560 earn in 11 months at a rate of 1 1/8%? round to the nearest cent.

Answer

Explanation:

Step1: Convert the time to years

Since there are 12 months in a year, 11 months as a fraction of a year is $t=\frac{11}{12}$ years. The interest - rate $r = 1\frac{1}{8}%=\frac{9}{8}% = 0.01125$ and the principal $P = 2560$.

Step2: Use the simple - interest formula

The simple - interest formula is $I=P\times r\times t$. Substitute $P = 2560$, $r=0.01125$, and $t=\frac{11}{12}$ into the formula: [ \begin{align*} I&=2560\times0.01125\times\frac{11}{12}\ &=2560\times0.01125\times\frac{11}{12}\ &=(2560\times0.01125)\times\frac{11}{12}\ &=28.8\times\frac{11}{12}\ &=\frac{28.8\times11}{12}\ &=\frac{316.8}{12}\ & = 26.4 \end{align*} ]

Answer:

$$26.40$