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Bogdan
[553]
3 years ago
8
Find the interest on a Principal Balance of $5,000 over the course of 15 years with an interest rate of 3.25% compounded monthly
. Round to 2 decimal places.
a. $3135.84
b. $613,751.75
c. $8135.84
d. $5207.02
Mathematics
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1
answer:
Yakvenalex
[24]
3 years ago
5
0
The correct answer is A: $3135.84
To find the total balance on the account all we need to do is use the compound interest formula.
It would be:
y = 5000(1 + 0.0325/12)^(15*12)
Evaluating this will give you a total of 8135.84
Now, just subtract off the original 5000 and you have the amount of interest.
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