How do I solve this ? Where do I start?
1 answer:
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Answer:
Interest = $60.75
Amount = $510.75
Step-by-step explanation:
The formula for finding interest is;
Interest = Principal * Rate * Time
And here;
Principal = $450
Rate = 41/2% or 4.5%
Time = 3 years
Interest =
Divided by 100 because of the percentage of the rate but here I made it 1000 because I moved the decimal point in the 4.5 forward once which means I have to add 0 to the denominator.
=
=
= $60.75
Now the amount is simply the Principal + Interest which will be;
= $450 + $60.75
= $510.75