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

select the correct answer. simple interest = p × r × t. perry earns 5 percent simple interest annually on his savings account. how much interest will perry earn each month on $650? a. $2.70 b. $32.50 c. $682.50

select the correct answer. simple interest = p × r × t. perry earns 5 percent simple interest annually on his savings account. how much interest will perry earn each month on $650? a. $2.70 b. $32.50 c. $682.50

Answer

Explanation:

Step1: Identify values for formula

$P = 650$, $r=0.05$ (5% as a decimal), $t=\frac{1}{12}$ (1 month out of 12 months in a year)

Step2: Calculate simple - interest

$I = P\times r\times t=650\times0.05\times\frac{1}{12}=\frac{650\times0.05}{12}=\frac{32.5}{12}\approx 2.70$

Answer:

A. $2.70$