Hobbs Greene
11/11/2023 · Junior High School
If rate of interest per annum is \( 10 \% \) on a deposit of \( \$ 576 \), interest per month would be \( \begin{array}{lll}\text { (A) } \$ 57.6 & \text { (B) } \$ 4.8 \\ \text { (C) } \$ 36 & \text { (D) } \$ 5.76\end{array} \)
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Step-by-step Solution
To find the interest per month on a deposit of \( \$ 576 \) at an annual interest rate of \( 10\% \), we can follow these steps:
1. **Calculate the annual interest**:
\[
\text{Annual Interest} = \text{Principal} \times \text{Rate} = 576 \times \frac{10}{100} = 576 \times 0.10 = 57.6
\]
2. **Calculate the monthly interest**:
Since there are 12 months in a year, we divide the annual interest by 12:
\[
\text{Monthly Interest} = \frac{\text{Annual Interest}}{12} = \frac{57.6}{12} = 4.8
\]
Thus, the interest per month is \( \$ 4.8 \).
The correct answer is \( \text{(B) } \$ 4.8 \).
Quick Answer
The interest per month is \( \$ 4.8 \).
Therefore, the correct answer is (B) \( \$ 4.8 \).
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