To solve for Simple interest, we use the formula:
I = Principal x Rate x Time(year)
where:
I = Simple interest = ?
Principal = $2,350
Rate = Rate on Interest = 3.77% = 0.0377
Time = 15 months, we have to convert 15months to year
12 months = 1 year
15 months = ?
Cross multiply
= 15 x 1/12
= 1.25 year
The Simple interest is calculated as:
$2350 x 0.0377 x 1.25
= $110.74375
Approximately = $110.74
Therefore, the simple interest on $2,350 is $110.74
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