Mr. Watkins earns $35 an hour at his new job. During a typical month, he works a total of 160 hours. Mrs. Watkins is a homemaker
. After meeting the estimated monthly expenses, how much money will the family have left to spend on other items?
A) $1150
B) $1322
C) $1445
D) $1500
A) $1150
B) $1322
C) $1445
D) $1500
1 answer:
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Given:
Principal value = $640
Rate of interest = 3.9% not compounded
Number of years = 8
To find:
The amount after 8 years.
Solution:
It is given that the interest is not compounded. It means, we need to find simple interest.
Formula for simple interest:
where, P is principal, r is rate of interest and t is time in years.
Put P=640, r=0.039 and t=8.
So, the interest is $199.68.
Now, amount after 8 years is
where, P is principal and I is interest.
Therefore, the amount after 8 years is $839.68.