John Lee's savings account has a balance of $$ \$ 1,200 $$. After 8 months, what will the amount of simple interest be at $$ 3 \% $$ annual interest rate per year? A. $$ \$ 24 $$ B. $$ \$ 1224 $$ C. $$ \$ 240 $$ D. $$ \$ 288 $$

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To calculate the simple interest on John Lee's savings account, we can use the formula:

$$
\text{Simple Interest} (I) = P \times r \times t
$$

Where:
- $$ P $$ is the principal amount (\$1,200)
- $$ r $$ is the annual interest rate (3\% or 0.03)
- $$ t $$ is the time in years

Given that the time is 8 months, we need to convert this to years:

$$
t = \frac{8}{12} = \frac{2}{3} \text{ years}
$$

Now, plug the values into the formula:

$$
I = 1200 \times 0.03 \times \frac{2}{3}
$$

$$
I = 1200 \times 0.03 = 36
$$

$$
I = 36 \times \frac{2}{3} = 24
$$

**Answer: A. \$24**
The simple interest after 8 months is \$24.

John Lee’s savings account has a balance of . After 8 months, what will the amount of simple interest be at annual interest rate per year?
A.
B.
C.
D.

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