When Interest Is Calculated for Periods Shorter Than a Year,the

question 104

Multiple Choice

When interest is calculated for periods shorter than a year,the formula to calculate interest is I = P * R * T,where:

• A)I = interest calculated,P = principal,R = annual interest rate,and T = number of months.
• B)I = interest calculated,P = principal,R = annual interest rate,and T = (number of months / 12)
• C)I = interest calculated,P = principal,R = monthly interest rate,and T = (number of months / 12).
• D)none of the choices are correct.

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