select the correct answer.\nsimple interest = p × r × t\nperry earns 5 percent simple interest annually on…

select the correct answer.\nsimple interest = p × r × t\nperry earns 5 percent simple interest annually on his savings account. how much interest will perry earn each month on $650?\na. $2.70\nb. $32.50\nc. $682.50

select the correct answer.\nsimple interest = p × r × t\nperry earns 5 percent simple interest annually on his savings account. how much interest will perry earn each month on $650?\na. $2.70\nb. $32.50\nc. $682.50

Answer

Explanation:

Step1: Convert annual rate to monthly rate

The annual interest rate $r = 5%=0.05$. The monthly interest rate $r_{m}=\frac{0.05}{12}$. The principal $P = 650$ and time $t = 1$ month.

Step2: Calculate simple - interest

Using the simple - interest formula $I=P\times r\times t$, substituting $P = 650$, $r=\frac{0.05}{12}$ and $t = 1$ into the formula. $I=650\times\frac{0.05}{12}\times1=\frac{650\times0.05}{12}=\frac{32.5}{12}\approx2.70$

Answer:

A. $$2.70$