Use the formula for simple interest, I = Prt, to find the indicated quantity 1 = 580; r=8%;t=6 months; P=? P=s (Type an integer or a decimal)
Simple interest is given by the formula A=P+PrtA=P+Prt. Where AA is the balance of the account after tt years, and PP is the starting principal invested at an annual percentage rate of rr, expressed as a decimal. Keegan is investing money into a savings account that pays 4% simple interest, and plans to leave it there for 20 years. Determine what Keegan needs to deposit now in order to have a balance of $50,000 in his savings account after 20...
Solve the problem. [ Hint: Use I = Prt, t must be in years] How much must Harry's Hardware deposit at interest for in order to earn interest? Round to the nearest dollar. We were unable to transcribe this image120 days We were unable to transcribe this image
Use the compound interest formula A=P(1+r)^t and the given information to solve for r. A=9,000,000 P=60,000 t=40
I am trying to calculate simple interest for an M115 college course online. To do this I take the formula I=Prt. So, to figure out this problem: Assume that an investment of $2000 earns an APR of 6% compounded monthly for 16 months. How much money is in your account after 16 months? I do this: 2000 × 0.06 × 1.33333= 159.9996 Then I add 2,000 That equals 2,159.9996 After I round up, I get 2,160 My computer program says...
Score: 0 of 1 pt X 10.2.19 Use the simple interest formula to determine the missing value. p = $1775, r= ?,t = 2 years, i = $49.70 % (Do not round until the final answer. Then round to one decimal place as needed.)
Given the formula for interest compounded nn times per year A=P(1+rn)ntA=P(1+rn)nt, solve each of the following and round your answer to the nearest penny. solve (a) and (b) Given the formula for interest compounded n times per year A = P(1 + )nt , solve each of the following and round your answer to the nearest penny. (a) P-190, 000, r-9%, n-26, t-48 A $ 1.4180 Toggle Clear Help 1.4180 Submit Answer Incorrect. Tries 5/99 Previous Tries (b) P 160,...
(6 pts) Michelle borrows a total of $5000 in student loans from two lenders. Bank A charges 4.6% simple interest and Bank B charges 6.2 % simple interest. She must pay off the entire balance at the end of 3 years. At that time, Michelle will owe $762 total interest on both loans. How much money did Michelle borrow from each bank? Identify the unknowns. Write and solve a system of linear equations using the simple interest formula, I Prt....
puunlued annually for fi better? i) Compound Interest $6,766.45; Simple interest $6,537.50 Simple interest $7,124.32 c)Supposing that you are obtaining a personal loan from your uncle i be repaid in three years to cover some of your college expenses. , calculate the amount he would pay in three years' time. 4. Solve the following equations 1, F = P(1 + i)" P = $10,000 i = 4.5% n=6years equation 1 2. P= equation 2 (1 + F $30,000 i-1090 n=3years...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...