select the correct answer. calculate the simple - interest (round to the nearest cent) for p = $4200, r =…

select the correct answer. calculate the simple - interest (round to the nearest cent) for p = $4200, r = 8.5%, t = 3 months.\na $89.20\nb $82.95\nc $89.00\nd $99.75

select the correct answer. calculate the simple - interest (round to the nearest cent) for p = $4200, r = 8.5%, t = 3 months.\na $89.20\nb $82.95\nc $89.00\nd $99.75

Answer

Explanation:

Step1: Convert months to years

Since there are 12 months in a year, $t=\frac{3}{12}= 0.25$ years.

Step2: Use the simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Given $P = 4200$, $r=0.085$ (since $8.5%=0.085$), and $t = 0.25$. Then $I=4200\times0.085\times0.25$.

Step3: Calculate the interest

$I = 4200\times0.085\times0.25=(4200\times0.085)\times0.25 = 357\times0.25=89.25$.

Answer:

D. $$89.25$