Question

Solve.

A money market fund advertises a simple interest rate of 6%. Find the total amount received on an investment of $15,000 for 3 months.
A. $17,700.00
B. $17,250.00
C. $225.00
D. $15,225.00

Answer 1

Simple interest is the amount, times the percent interest for one time period, times the number of periods.

So 15,000 times 3 months times 0.06=2,700.
So 15,000+2,700= 17,700.

Answer 2

The answer should be A by the way.

Answer 3

actually its d.

Answer 4

how?

Answer 5

???

Answer 6

the answer said so lol

Answer 7

your answers wrong then lol

Answer 8

Do they show how?

Answer 9

no it from an automatic test.

Answer 10

hmmm

Answer 11

If not, this is a question you need to ask your teacher.
Scantrons mess up too.

Answer 12

you dont times 15000 from 3 your times 15000*.06 then (3/12)

Answer 13

its not on a scan tron its online

Answer 14

ohhhhh

Answer 15

They have to tell you that...

Answer 16

ye so you mean you then times it by 4?

Answer 17

yes i think so

Answer 18

18600

Answer 19

none of the options

Answer 20

its d. trust me. Ill ask my professor tomorrow

Answer 21

i got it!

Answer 22

Simple interest has a definition of being time periods under a year.

"Simple interest is normally used for a single period of less than a year, such as 30 or 60 days."
http://www.getobjects.com/Components/Finance/TVM/iy.html

So I assumed that you don't have to take it out of a year.

Meh. Learned something.

Answer 23

15,000 * 0.06 = 900

900 / 12 = 75

75 * 3 = 225

15,000 + 225 = 15,225

Answer 24

sorry about that

Answer 25

omg thats awesome i forgot you can do 365

Answer 26

omg you rock lilg

Answer 27

and for months 12

Answer 28

:p