Question

Using the formula for finding the simple interest, I = Prt, find the interest earned on a savings account by depositing $9,800 for 15 months at 5% simple interest.
$575.00
$612.50
$700.00
$642.50
None of these choices are correct.

Answer 1

@wolf1728

Answer 2

Interest = Principal * rate * time
Do, you know the value of each?

Answer 3

9,800 for principal, 15 for time and 0.05 for interest

Answer 4

Very good!! and if you multiply all 3
9,800 * 15 * .05
you get?

Answer 5

Remember you are working with years.

Answer 6

So 15 should equal 15/12

Answer 7

22050 and 1.25

Answer 8

9,800 * 1.25 Years * .05 equals ?

Answer 9

612.5

Answer 10

That's right!!

Answer 11

Your really helpful

Answer 12

Okay so you have 2 more?

Answer 13

Yeaa

Answer 14

These are the answers:
10 %
11%
12.5%
9.5%
None of these choices are correct.

Answer 15

https://world.cyberhigh.org/Courses/consumed/unit1/images/Q3-3q.gif

Answer 16

You have to determine how $7,000 can become 14,000 in 8 years
SO, to use that new formula, you would have to determine the rate for that to happen in 8 years.
We already know the first "P" is 7,000
then the interest would be
Int = 7,000 * r * 8
7,000 = 7,000 * 8 * r
rate = 7,000 / (7,000 * 8)
rate = 7,000 / 56,000
Can you solve that?

Answer 17

0.125

Answer 18

That's the rate and to show that as a percentage you would call it 12.5%

Answer 19

okay. so that is 12.5% * what

Answer 20

you want to know what per cent means?

Answer 21

yea

Answer 22

Per cent is Latin meaning "for every hundred".
So, 12.5% rate means for every $100 you get $12.50

Answer 23

is it 612.50

Answer 24

No - you just solved it - the answer is 12.5%

Answer 25

oh okay thanks can i ask you one more?

Answer 26

I think you are looking at the answers for the SECOND question you asked

Answer 27

yes, one more

Answer 28

Yea i was

Answer 29

Okay

Answer 30

Algebraically manipulating the formula for finding the simple interest, find the principal (PV ) deposited in a savings account which earned $3,500 in interest at a simple interest rate of 8.5% for 10 years (to the nearest whole cent).
$3,987.55
$4,117.65
$4,276.66
$4,550.48
None of these choices are correct.

Answer 31

Interest = Principal * rate * time
They want us to solve for principal so the formula becomes
Principal = Interest /(rate * time)

Principal = 3,500 / (.085 * 10)

Answer 32

is it 4117.65

Answer 33

Yes that is it !!!

Answer 34

Omg thanks so much

Answer 35

u r welcome :-)