An investment yields an interest payment of $234 each month. If the simple annual interest rate is 9%, what is the amount of the investment?  Pick one:  A) $28,300  B) $30,400  C) $31,300  D) $31,200  E) $35,100
Let the principal amount = P   Simple annual interest = 9%   Simple monthly interest = (9/12) = (3/4)%   (3/4)*(P/100) = 234   =&gt;P = (234 *4 * 10^2 )/3   = 78*4*10^2   = 312 * 10^2=31200   Answer $31,200
<result>D</result>
An investment yields an interest payment of $234 each month. If the simple annual interest rate is 9%, what is the amount of the investment?