When Interest Is Calculated for Periods Shorter Than a Year,the

Multiple Choice

When interest is calculated for periods shorter than a year,the formula to calculate interest is I = P * R * T,where:

A) I = interest calculated,P = principal,R = annual interest rate,and T = number of months.
B) I = interest calculated,P = principal,R = annual interest rate,and T = (number of months / 12)
C) I = interest calculated,P = principal,R = monthly interest rate,and T = (number of months / 12) .
D) none of the choices are correct.