Question

You plan to buy a $12,000 sailboat in four years. How much should you invest now, at 7.3% simple interest, to have enough for the boat in four years? (Round to the nearest cent.)

Answer 1

You use the same formula, except you find P

Answer 2

A = P(1+rt)
12,000 = P(1+.073*4)
12,000/(1.073*4) = P

Answer 3

Thank you very much!

Answer 4

wait, I think you need to multiply rt before you add the one

Answer 5

12000/1.892 = P

Answer 6

6342.49 = P

Answer 7

Thank you! I appreciate this! This section of math is really confusing me because there are so many formulas. I have a few more questions I'm going to ask, could you please take a look at them? I'm trying to do them, but my answers have been off.

Answer 8

12000/1.292

Answer 9

Thank you!

Answer 10

ugh

Answer 11

I put 8 instead of 2

Answer 12

oh no :(

Answer 13

12000/1.892 = P should be 12000/1.292

Answer 14

lalady backs me up all the time

Answer 15

:D:D:D

Answer 16

Yeah lalaly, you're the man!

Answer 17

oh wait...

Answer 18

haha I'm about to post another question if you guys want to help :)

Answer 19

no hero you are the man

Answer 20

:D

Answer 21

Use the formula for simple interest, I = P × r × t, to find the missing quantity.

I = $960; P = $6,000; r = 8%

Answer 22

This is just plug and play

Answer 23

We normally write it as I = PRT

Answer 24

so it would be 2?

Answer 25

I = PRT
960 = 6000 x .08 x T
960 = 480 x T
960/480 = T
2 = T

Correct

Answer 26

okay, thank you!

Answer 27

The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan's future value A, or the total amount due at time t. Round answer to the nearest cent.

P = $38,000, r = 5.0%, t = 3 years

Is this kind of the same deal as the ones before?

Answer 28

Wow, you're still here?

Answer 29

It's the same as the other one, except you have to find I

I = PRT

Find variable I

Answer 30

Thank you!