you deposit $1,750 in an account earning an annual interest rate of 10.2%. calculate the simple interest…

Explanation:

Step1: Convert annual rate to monthly rate

The annual interest rate $r = 10.2%=0.102$. The monthly interest rate $i=\frac{r}{12}=\frac{0.102}{12}= 0.0085$.

Step2: Calculate the number of months

The time $t = 8$ months.

Step3: Calculate the principal amount

The principal $P=$1750$.

Step4: Calculate simple - interest

The simple - interest formula is $I = P\times i\times t$. Substitute $P = 1750$, $i=0.0085$, and $t = 8$ into the formula. So $I=1750\times0.0085\times8$. First, $1750\times0.0085 = 14.875$, then $14.875\times8=119$.

Answer:

$119$