 $950 at 3% annual simple interest for 13 months?

To calculate the simple interest on $950 at an annual interest rate of 3% for 13 months, follow these steps:

### 1. Identify the given information:
- **Principal (P)** = $950
- **Annual interest rate (r)** = 3% = 0.03
- **Time period (t)** = 13 months

### 2. Convert the time period into years:
\[
t_{\text{years}} = \frac{13 \text{ months}}{12 \text{ months/year}} \approx 1.0833 \text{ years}
\]

### 3. Use the simple interest formula:
\[
I = P \times r \times t
\]
Substitute the values:
\[
I = 950 \times 0.03 \times 1.0833 \approx 30.90
\]

### 4. Calculate the interest:
The interest earned is approximately **$30.90**.

Would you like to go over the details or have any questions? Here are some related questions:

1. What would the interest be if the interest rate was compounded annually instead?
2. How does the interest change with different principal amounts?
3. What is the total amount after interest for this loan?
4. How would a change in the interest rate affect the interest earned?
5. What are the differences between simple and compound interest?

**Tip:** When dealing with interest calculations, always double-check your time conversions, especially when the period isn't a full year.

Learn how to calculate simple interest on $950 at an annual interest rate of 3% for 13 months with a step-by-step solution. This problem involves applying the simple interest formula and converting time periods from months to years. Suitable for high school students and anyone interested in financial mathematics.

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