Asked by Long John Silver
Okay, any help would be appreciated I don't know if it's just me or what but I do not understand this question.
Q: you invest $2,000.00 at a rate of 4% APR for 3 months. How much interest did you earn?
I know that the answer is $20.00 but I want to know how you get that because every time I did it my answer was always $80.00
Q: you invest $2,000.00 at a rate of 4% APR for 3 months. How much interest did you earn?
I know that the answer is $20.00 but I want to know how you get that because every time I did it my answer was always $80.00
Answers
Answered by
oobleck
too bad you didn't show your work
i = Prt = 2000 * 0.04 * 1/4 = 20
you calculated interest for a whole year, not 3 months
i = Prt = 2000 * 0.04 * 1/4 = 20
you calculated interest for a whole year, not 3 months
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.