Answer:
[tex]I=\$47.25[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the amount of money borrowed
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=9/12\ years\\ P=\$900\\r=0.07[/tex]
substitute in the formula above
[tex]I=900(0.07(9/12))[/tex]
[tex]I=\$47.25[/tex]
