Leroy opened a savings account 25 years ago with a deposit of $3,080.43. The account has an interest rate of 3.7% compounded monthly. How much interest has Leroy earned? @jim_thompson5910

Question

jim_thompson5910 · Answer

use the formula

I = P*(1+r/n)^(n*t) - P


P = amount invested (aka principal)
r = interest rate (in decimal form)
n = compounding frequency
t = time in years

anonymous · Answer

im sorry lol what do i plug in again?

jim_thompson5910 · Answer

3,080.43 is the principal
3.7% is your interest rate (convert to decimal form though)
n = 12 (since there are 12 months in a year)
t = 25 (25 years)

anonymous · Answer

okay one second

anonymous · Answer

4676.96111005 @jim_thompson5910

jim_thompson5910 · Answer

now round that to 2 decimal places and you're done

anonymous · Answer

I got it!

anonymous · Answer

A group of 21 people are going to an amusement park. Adult tickets cost $48.50 each and child tickets cost $32.25 each. If the total cost for admission to the park is $807.25, how many adults attended the movie?

anonymous · Answer

@jim_thompson5910

anonymous · Answer

Nevermind! I got it :)

jim_thompson5910 · Answer

ok glad you did

jim_thompson5910 · Answer

tell me what you got

anonymous · Answer

4676.96

anonymous · Answer

A local game store earns a profit of $19.50 for every game they sell. The profit from every game they sell is deposited directly into their savings account which currently has a balance of $289. If their goal is to increase their balance to $601.00, which equation will help the store determine how many games they must sell?

jim_thompson5910 · Answer

I meant for the second problem you posted

anonymous · Answer

I posted that answer above this question :)

anonymous · Answer

? @jim_thompson5910

jim_thompson5910 · Answer

ok one sec

anonymous · Answer

ok!

jim_thompson5910 · Answer

Leroy opened a savings account 25 years ago with a deposit of $3,080.43. The account has an interest rate of 3.7% compounded monthly. How much interest has Leroy earned? 

the answer you got of 4676.96 is correct

jim_thompson5910 · Answer

what did you get for the second problem?

anonymous · Answer

yay! and idk how to do that one:(...the last problem i posted

jim_thompson5910 · Answer

so you didn't do this one

A group of 21 people are going to an amusement park. Adult tickets cost $48.50 each and child tickets cost $32.25 each. If the total cost for admission to the park is $807.25, how many adults attended the movie?

anonymous · Answer

I did do that one... i posted the answer below..the answer that you requested :)

jim_thompson5910 · Answer

what answer did you get for that one?

jim_thompson5910 · Answer

I don't see it

anonymous · Answer

i got 8

jim_thompson5910 · Answer

8 adults is 100% correct, nice job

anonymous · Answer

yay! can you help me with the last problem that ive posted pretty please:)

jim_thompson5910 · Answer

A local game store earns a profit of $19.50 for every game they sell. The profit from every game they sell is deposited directly into their savings account which currently has a balance of $289. If their goal is to increase their balance to $601.00, which equation will help the store determine how many games they must sell?

jim_thompson5910 · Answer

let x = # of games sold

jim_thompson5910 · Answer

if they earn a profit of $19.50 on every game, then selling x of them will earn them _______ dollars in profit

anonymous · Answer

i dont know:/

jim_thompson5910 · Answer

let's say they sell 2 games

how much profit do they get?

anonymous · Answer

$39?

jim_thompson5910 · Answer

how did you calculate that

anonymous · Answer

i just multiplied 19.50 x2

jim_thompson5910 · Answer

good, so if you don't know how many games you sell, why not call it x (x is just some variable that stands in for a number)

so we go from 19.50 times 2 and it becomes 19.50 times x or just 19.50*x or 19.50x

see how this works?

anonymous · Answer

yes, so what is the next step?

jim_thompson5910 · Answer

selling x games gives you a profit of 19.50x dollars

jim_thompson5910 · Answer

add this to the amount 289 because this amount of money is already in the bank account

jim_thompson5910 · Answer

so we have 19.50x + 289

jim_thompson5910 · Answer

since we want the balance to be equal to $601.00, this means we set that whole thing equal to 601.00 to get this 


19.50x + 289 = 601.00

anonymous · Answer

how do i figure that out?

jim_thompson5910 · Answer

you don't need to solve since they just want the equation

anonymous · Answer

i got it! yay .

jim_thompson5910 · Answer

ok great

anonymous · Answer

Charlotte purchased a pool for $7,680 using a six-month deferred payment plan with an interest rate of 20.45%. She did not make any payments during the deferment period. What will Charlotte's monthly payment be if she must pay off the pool within three years after the deferment period?

jim_thompson5910 · Answer

first, use the formula

A = P*(1+r/n)^(n*t)

jim_thompson5910 · Answer

but you won't be done after using it

jim_thompson5910 · Answer

P = 7680
r = 0.2045
n = 12
t = 0.5

anonymous · Answer

8499.50618193

jim_thompson5910 · Answer

round to two decimal places to get ???

anonymous · Answer

84.99

jim_thompson5910 · Answer

no that's way off unfortunately

anonymous · Answer

849950?

jim_thompson5910 · Answer

8499.51

jim_thompson5910 · Answer

now use this calculator http://www.thecalculatorsite.com/finance/calculators/credit-card-payment-calculators.php click on "monthly repayments calculator"

anonymous · Answer

okay now what

jim_thompson5910 · Answer

what did you get when you used that calculator?

anonymous · Answer

idk what to pu tin there

jim_thompson5910 · Answer

8499.51 for the amount owed
and i'm sure you know the interest rate and time

jim_thompson5910 · Answer

time is in months

anonymous · Answer

idk the time

jim_thompson5910 · Answer

what's the time in years

jim_thompson5910 · Answer

ie how long does she have til she has to pay it all back

anonymous · Answer

oh 1095 lol

jim_thompson5910 · Answer

1095?

anonymous · Answer

so the answer i got what i calculated it is $14,484.58

jim_thompson5910 · Answer

yikes, that's a high monthly payment

anonymous · Answer

oh:( idk what i did wrong

jim_thompson5910 · Answer

here's what I did (see attached)

anonymous · Answer

ok hold on

anonymous · Answer

317.82?

jim_thompson5910 · Answer

good, that's the monthly payment

anonymous · Answer

it was right! okay how about this one?Rae owes $2,019 on a credit card with a 17.7% interest rate compounded monthly. What monthly payment should she make to pay off this debt in three years, assuming she does not charge any more purchases with the card?

jim_thompson5910 · Answer

last one

jim_thompson5910 · Answer

and you use that same calculator, but this time you put 2019 for the amount owed and it's still 36 months (the interest rate is different though)

anonymous · Answer

okay one sec!

anonymous · Answer

i got 72.69

jim_thompson5910 · Answer

me too

anonymous · Answer

i only have 8 more questions:) can you help?

jim_thompson5910 · Answer

no sorry I have to get going actually, but I'm sure others can help

or we can do this at another time

anonymous · Answer

well do it another time then. if i ask other people i always get it wrong haha thats why i like your help so thank you so so so much!

jim_thompson5910 · Answer

I'm sure not everyone gets it wrong, but ok, we can do it later. Have a great night.