An investment yields an interest payment of $216 each month. If the simple annual interest rate is 9%, what is the amount of the investment?
Choose the correct answer
A) $28,300
B) $30,400
C) $28,800
D) $32,500
E) $35,100
Let the principal amount = P   Simple annual interest = 9%   Simple monthly interest = (9/12) = (3/4)%   (3/4)*(P/100) = 216   =&gt;P = (216 *4 * 10^2 )/3   = 72*4*10^2   = 288 * 10^2= 28800   Answer $28,800
<result>C</result>
An investment yields an interest payment of $216 each month. If the simple annual interest rate is 9%, what is the amount of the investment?