select the correct answer. calculate the simple interest. round to the nearest cent for, p = $9000, r =…

select the correct answer. calculate the simple interest. round to the nearest cent for, p = $9000, r = 6.75% t = 4 months.\n(a) 202.5\n(b) $202.50\n(c) 205.20\n(d) $252.00

select the correct answer. calculate the simple interest. round to the nearest cent for, p = $9000, r = 6.75% t = 4 months.\n(a) 202.5\n(b) $202.50\n(c) 205.20\n(d) $252.00

Answer

Explanation:

Step1: Convert rate and time to proper form

The annual - interest rate $r = 6.75%=0.0675$, and the time $t = 4$ months. Since the time in the simple - interest formula $I = Prt$ is in years, $t=\frac{4}{12}=\frac{1}{3}$ years.

Step2: Apply the simple - interest formula

The simple - interest formula is $I = Prt$. Substitute $P = 9000$, $r = 0.0675$, and $t=\frac{1}{3}$ into the formula. $I=9000\times0.0675\times\frac{1}{3}$ $I = 9000\times0.0225$ $I = 202.5$

Answer:

B. $$202.50$