Find the balance on a deposit of $55,000 that earns 2.5% simple interest for 1 year.
$1,375
$13,750
$68,750
$56,375

Question

Find the balance on a deposit of $55,000 that earns 2.5% simple interest for 1 year. 
       $1,375
       $13,750
       $68,750
       $56,375

pixiedust1 · Answer

@hartnn

hartnn · Answer

simple interest simple formula
I = PNR

hartnn · Answer

Balance = I + P

pixiedust1 · Answer

It's mah textbook formula!

anonymous · Answer

wouldn't it be I = PRT

hartnn · Answer

your textbook has simple interest formula then
not compound interest :)

pixiedust1 · Answer

I see your asking the same type of questions.  Is there something in the concept that your not understanding?  if so, hartnn may be able to help you.  We wanna help you understand the concept, not just individual problems (although we wanna make sure you understand those too)

hartnn · Answer

here 
R  = rate = 2.5/100 
N = time in years = 1 
P = 55000

hartnn · Answer

T or N 
whatever you take as time in years :)

pixiedust1 · Answer

And to be exact, it just says "interest fomula" and goes on to talk about compounding.  So I got no idea lol!

*Time for a new textbook*

anonymous · Answer

your looking for I, and once you find I, add it to P