Given this the interest earned would be 1000 times 1 year times 12. P Irt Use the example above to help you. Your monthly interest rate is 083.
For this simple interest formula you would need to turn months into years.
What amount of principal will earn interest of 17550 at 65 percent in eight months. R R100 R Rate of Interest per year as a percent. Convert the monthly rate in decimal format back to a percentage by multiplying by 100. To change this annual rate to a monthly rate divide 5 by 12 months 005 12 to get 0004167.