1. P is the principal amount, $630.00.
r is the interest rate, 6.5% per year, or in decimal form, 6.5/100=0.065.
t is the time involved, 4....year(s) time periods.
So, t is 4....year time periods.
To find the simple interest, we multiply 630 × 0.065 × 4 to get that:
The interest is: $163.80
2. =8000 x 9 x 18
=12,960
Total amount = 12960 +8000=
$20,960
3. annual interest rate = 15.9 %
initial charge = $126
to get the annual interest paid = 15.9% of $126
= 0.159 * $126 = $20.03
monthly interest paid would be = annual interest / 12 months
= 20.03 / 12 = $1.67
hence in 2 months Rita will pay = initial charge + monthly interest * 2
= $126 + $ 1.67 *2 = $ 126 + $3.34
= $ 129 .34
4. To find the amount of money in the account after 8.5 years we will first turn 5.6% into a decimal. We'll do that by moving the decimal within the percentage two places to the left. That leaves us with 0.056.
Next, we'll multiply our factors to help us find out how much interest will be accrued within the 8.5 years.
500 x 0.056 x 8.5 = 238.
Margarito will earn $238 within an 8.5 year time frame.
Since her original deposit was $500 and assuming no other deposits/withdrawls occur within the time frame, we will add $238 of interest to the original deposit.
500 + 238 = 738.
This means, that Margarito will have $738 in her savings account after 8.5 years of just accruing interest.
5. $18,260 divided by (/) $220,000 = .083 or .08. The interest is 8%.
Because Kelli is earning $18,260 a year, you need to get the number down to a decimal (which would be the interest) So, you have to divide the smaller number by the larger number. I use
x 18260
____ _______
100 % 220000
multiply 100x18260 and then divide by 220000. You get 8.3, or 8.3%, but if you round up, you get 8%.
