22.
You place $4,000.00 in a bank account with an interest rate of 5.25% APR and another $2,000.00 in an account with an interest rate of 6.00% APR.

a. How much interest will be earned for each account on the original principal in 6 months?

b. What is the difference in the amount of interest earned?

c. Which account has your money working for you the best?

Question

22.  
You place $4,000.00 in a bank account with an interest rate of 5.25% APR and another $2,000.00 in an account with an interest rate of 6.00% APR.

a. How much interest will be earned for each account on the original principal in 6 months?

b. What is the difference in the amount of interest earned?

c. Which account has your money working for you the best?

amistre64 · Answer

$$I=Prt$$given t = 6/12 of a year