Asked by Katy
Monica had a saving a account which paid her an interest rate of 4%. After she had this account for 12 years, she had received $192 in interest. How much money had she put into the account at the beginning of the 12 years?
Please help me answer this question step by step
Please help me answer this question step by step
Answers
Answered by
Ms. Sue
I = prt
192 = P * 0.04 * 12
192 = 0.48p
400 = p
192 = P * 0.04 * 12
192 = 0.48p
400 = p
Answered by
Katy
Thank you
Answered by
Katy
Dr. Morton puts $5000 in the bank and left it there for 6 months. What simple interest rate she needs to have in order to have made $50 at then end of 6 months?
Answered by
Ms. Sue
You are welcome.
Answered by
Ms. Sue
Use the formula I posted above.
I'll be glad to check your answer.
I'll be glad to check your answer.
Answered by
Katy
I=5000
P=50
R=?
T= 6
Answer... About 16 or 17%
P=50
R=?
T= 6
Answer... About 16 or 17%
Answered by
Ms. Sue
The time is only half a year so use 0.5 for time.
Answered by
Katy
Answer 200
Answered by
Ms. Sue
You're looking for the rate.
I = Prt
50 = 5,000 * r * 0.5
50 = 2500r
50 / 2500 = r
To find the percent, multiply your decimal answer by 100
I = Prt
50 = 5,000 * r * 0.5
50 = 2500r
50 / 2500 = r
To find the percent, multiply your decimal answer by 100
Answered by
Ms. Sue
Yay! 2% is right.
Answered by
Katy
Find the amount of interest Nina's saving account will earn after 3 years if her initial deposit was $900 with an 8% simple interest rate.
I=prt
I=900(0.08)(3)
I=216
I=prt
I=900(0.08)(3)
I=216
Answered by
Ms. Sue
Right! :-)
Answered by
Katy
Cary puts $400 he earned from mowing lawns in the bank for two years at an interest rate of 5%. What would be the total amount of money that he would have in the bank be at the end of two years.
I=prt
I=400(0.05)(2)
I=40
I=prt
I=400(0.05)(2)
I=40
Answered by
Ms. Sue
He's earned $40 in interest.
Now, please, answer the question.
Now, please, answer the question.
Answered by
Katy
Am suppose to find the compound interest if so could give me the formula
Answered by
Katy
4000(1+0.05)^2
Answered by
Katy
Answer 4410
Answered by
Ms. Sue
This is the question you should answer.
<b> What would be the total amount of money that he would have in the bank be at the end of two years. </b>
<b> What would be the total amount of money that he would have in the bank be at the end of two years. </b>
Answered by
Katy
4410+40=4450
Answered by
Ms. Sue
400 + 40 = ?
Answered by
Katy
440
Answered by
Ms. Sue
Whew! You got it! :-)
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