Part 2 Assignment (6 problems)
2 answers:
Answer:
1. $327.60
2. $21,560.00
3. $2,208.28
Step-by-step explanation:
The formula for simple interest is:
I = Prt
Shows us;
I = amount of interest
P = principal amount
r = annual interest rate
t = number of years
Calculating Present and Future value investments to find the balance;
F = P + Prt
F = P(1 + rt)
1.
F = P(1 + rt)
F = $210(1+ (0.08 * 7)
F = $327.60
2.
F = P(1 + rt)
F = $14,000(1+ (0.06 * 9)
F = $21,560.00
3.
F = P(1 + rt)
F = $1,900(1+ (0.059 * 2.75)
F = $2,208.28
Answer:
1. $327.60
2. $21,560.00
3. $2,208.28
Step-by-step explanation:
The formula for simple interest is:
I = Prt
where
I = amount of interest
P = principal amount
r = annual interest rate
t = number of years
The total future amount after earning simple interest is the principal polus the interest.
F = P + Prt
F = P(1 + rt)
1.
F = P(1 + rt)
F = $210(1 + 0.08 * 7)
F = $327.60
2.
F = P(1 + rt)
F = $14,000(1 + 0.06 * 9)
F = $21,560.00
3.
F = P(1 + rt)
F = $1,900(1 + 0.059 * 2.75)
F = $2,208.28
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