Answer: $278,960 interest
Step-by-step explanation:
Alright so here is a method you can use to solve this it's called I P R T
I = Interest
P= original amount
R= percent as decimal
T= time in years
Question: 5,500 at 8% for 634 years
I = X (we don't know yet)
P = 5,500
R = 8% = 0.08
T = 634 yrs
1. Set the question up: 5,500 is your original amount of money, so it goes on P.
2. in order to set it up you need to convert 8% to a decimal by moving the decimal 2 places to the left 0.08 Note: 8% is a whole number. this means 0.08 is your percent as a decimal, so it's R.
3. 634 years should go be in time in years Note: (only use this if you have months) if you ever come out with 18 months you have to divide [tex]\frac{18}{12}[/tex] because they're 12 months in one year. then your answer will be 1.5 years/ 1 year and a half.
Note: don't worry about interest because there should always be a blank letter that's why we're solving it.
4. To find your interest simply use this method to solve.
Problem:
[tex]5,500(0.08)( 634)[/tex][tex]= $278,960 Interest[/tex]
1. Solve: original amount x percent as decimal x years / 5,500(0.08)(634)
2. Answer: after you've multiplied you should've got $278,960 Interest.
I hope this helped ;) have a nice day here is a guide ;)
