Question

17. Your fixed expenses are $1,328.90/month and you saved 4 months' worth in an emergency fund. You place half in a 45-day CD at a 4.6% APR and the remainder in a regular savings account at a 3.7% APR. How much total interest do you earn in 45 days?

Answer 1

First, figure out how much your saved. Then figure out how much is going into the two accounts. Use the I = Prt formula for each account. Add the two interest amounts together for the final answer.

Answer 2

@tylermcmullen23

Answer 3

Is this the question you need help on?

Answer 4

yes

Answer 5

Don't know why I even asked that question since you wouldn't of posted it otherwise...

Answer 6

So we are looking at an interest problem here

Answer 7

yes

Answer 8

So in the equation what is the variable "l"

Answer 9

@hick4life

Answer 10

that is the thing, i have no idea. .-.

Answer 11

Oh ok i see where your problem is brittney

Answer 12

I = 1328.9 × 0.083 × 0.12 = 13.24

Answer 13

So you add up the interest together and get 8.3%

Answer 14

So 13.24 is assuming its only one months worth of pay

Answer 15

@_fluffeh_

Answer 16

so then is it 13.24?

Answer 17

Hold on I'm going about this wrong. I forgot that it's two separate funds

Answer 18

I = 2657.8 × 0.037 × 0.12 = $ 11.80 + I = 2657.8 × 0.047 × 0.12 = $14.99

Answer 19

or 11.8 + 14.99

Answer 20

26.79

Answer 21

Yes

Answer 22

it says that you have to figure out how much there is after 4 month and put half of that into the 45 day CD thing and the other half into the other account.. @brittanydosey was 26.79 correct?

Answer 23

yes

Answer 24

Medal?

Answer 25

i gave you one

Answer 26

ok good

Answer 27

Sweet thanks guys @brittanydosey @tylermcmullen23