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3 years ago

How many years would it take to make $500 interest on a 12000 investment at 3% per year

Mathematics

1 answer:

padilas [110]3 years ago

7 0

Answer:

$t=1.4\ years$

Step-by-step explanation:

we know that

The simple interest formula is equal to

$I=P(rt)$

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

in this problem we have

$t=?\\ P=\$12,000\\ I=\$500\\r=3\%=3/100=0.03$

substitute in the formula above

$500=12,000(0.03t)$

solve for t

$500=360t$

$t=500/360$

$t=1.4\ years$

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Step-by-step explanation:

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3 years ago

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3 years ago

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2 years ago

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zubka84 [21]

Answer:

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8 0

2 years ago

You and your friend are comparing two loan options for a $165,000 house. Loan 1 is a 15-year loan with an annual interest rate o

Harlamova29_29 [7]

Answer:

No, he is wrong.

Step-by-step explanation:

Since, the total payment of a loan after t years,

$A=P(1+r)^t$

Where,

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n = number of periods,

Given,

P = $165,000,

In loan 1 :

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So, the total payment of the loan is,

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In loan 2 :

r = 4% = 0.04, t = 30 years,

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Since, $A_1 < A_2$

Hence, total amount repaid over the loan will be less for Loan 1.

That is, the friend is wrong.

7 0

2 years ago