Problem
QUESTION 1 Find the simple interest. Round your answer to the nearest cent. Principal \( =\$ 12,300 \) Interest Rate \( =7 \% \) Time in months \( =12 \) \( \$ 10,332.00 \) \( \$ 86,100.00 \) \( \$ 861.00 \) \( \$ 71.75 \)
Solution
Step 1 ：\( I = \frac{P * R * T}{100} \)
Step 2 ：\( I = \frac{12,300 * 7 * 12}{100 * 12} \)
Step 3 ：\( I = \frac{86,100}{100} \)
