Dr. Sand borrowed some money to buy new furniture for her office. She paid $521.45 simple interest on a 6.5-year loan at 6.5 percent. Find the principal

Question

hartnn · Answer

the formula is just 
I =P N R 
here, I = 521.45 (interest)
N = 6.5 = no. of years (time period)
R = 6.5% = 0.65  (rate)
just plug in values and find p .

hartnn · Answer

can you ?

anonymous · Answer

i am working on it

anonymous · Answer

so do i mulitplie p with n and R

hartnn · Answer

no, I=PNR 
so, 
P = I / (NR ) = 521.45 /(0.065*6.5) =... ?

hartnn · Answer

and sorry, 6.5% = 0.065

anonymous · Answer

got thanks

hartnn · Answer

what u get P= .. ? just to verify ..

anonymous · Answer

1234.20

hartnn · Answer

thats correct :)

anonymous · Answer

do you have the formula for this problem

In order to help pay for college, the grandparents of a child invest $4,000 in a bond that pays 10 percent interest compounded quarterly. How much money will there be in 4 years?

hartnn · Answer

yes, 
I = P (1+r/100) ^n 
P = 4000
r= rate = 10 
n= years = 4

hartnn · Answer

what do you get I =... ?

anonymous · Answer

i got 5938.02

hartnn · Answer

4000 (1.1)^4 = 5856.4 
how u got 5938 ?

anonymous · Answer

these are the answer choices give for the this question

$6,051.72  
 
 B. $5,841.12  
 
 C. $6,074.15  
 
 D. $5,938.02

hartnn · Answer

hmm, sorry i missed the word quarterly.

A = P (1+r/4*100) ^4n 
then you correctly get 5938.