Asked by Tanisha
Find the simple interest.
$900 deposited at an interest rate of 3% for 5 years.
$1,348 deposited at an interest rate of 2.5% for 18 months.
$900 deposited at an interest rate of 3% for 5 years.
$1,348 deposited at an interest rate of 2.5% for 18 months.
Answers
Answered by
Reiny
simple interest = principal x rate x time
for the first one:
interest = 900(.03)(5) = 135
do the second one the same way, use 18/12 for the time.
for the first one:
interest = 900(.03)(5) = 135
do the second one the same way, use 18/12 for the time.
Answered by
Tanisha
so the answer or the first one is 135 and im not supposed to add 900 to 135?
Answered by
Reiny
it just asked for the interest
If you add the 135 to the original 900 you would have the "amount"
If you add the 135 to the original 900 you would have the "amount"
Answered by
Tanisha
oh ok thank you
Answered by
Tanisha
for the second one do i do
1348(0.0025)(1.5)= 5
1348(0.0025)(1.5)= 5
Answered by
Reiny
small slip-up
2.5% = .025 not .0025 like you have
interest = 1348(.025)(1.5) = 50.55
(love to have a loan of %1348 where I would only pay $5 in 1 1/2 years)
2.5% = .025 not .0025 like you have
interest = 1348(.025)(1.5) = 50.55
(love to have a loan of %1348 where I would only pay $5 in 1 1/2 years)
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.