Answer:
I would appreciate if my answer is chosen as a brainliest answer
Answer:
$675
$850
$1200
Step-by-step explanation:
Use formula for simple interest:
A = P (1+rt)
where
A = accrued amount (principal + interest) = what we want to find
P = Principal (initial) amount = Given as $500
r = rate of interest = Given as 7% = 0.07
t = time
For 5 years, t = 5
A = 500 [ 1 + 0.07(5) ] = $675
For 10 years, t = 10
A = 500 [ 1 + 0.07(10) ] = $850
For 20 years, t = 20
A = 500 [ 1 + 0.07(20) ] = $1200
To show this using exponential form, you need to understand that 12 feet will be multiplied by itself three times.
12 feet x 12 feet x 12 feet = 12^3 (or 12 cubed) ft.³
Credit Card: (1842.66 - 250) (.145/12) = $19.24 interest accumulated on credit card balance
Savings: 250(0.04/12) = $0.83 interest earned
Difference = 19.24 - 0.83 = $18.41 net interest owed
