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.
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.
6 answers
so the answer or the first one is 135 and im not supposed to add 900 to 135?
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"
oh ok thank you
for the second one do i do
1348(0.0025)(1.5)= 5
1348(0.0025)(1.5)= 5
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)
1 answer