The Sommers invested $5000 for three years at 6.5%. How much interest did the investment earn in three years? What was the total
1 answer:
Answer:
the interest is $975
the total amount is $5975
Step-by-step explanation:
lets use tje formula
I=PRT
where I is interest earned
P is the principal amount(original amount)
R is the rate of interest
and T is the time in years
so
the principal amount is 5000 since it is the original amount
rate is =0.065
time is 3 years
lets plug these values into our equation:
5000*0.065*3=I
5000*0.065*3=975
the interest is $975
the next part of the question is asking for the balance or the total amount which is principal+interest
5000+975=5975
the total amount or balance is $5975
hope this helps
You might be interested in
Answer: 3.65
Step-by-step explanation:
This question is asking basically what is 50% or 1/2 of 7.3.
Let's expand the number 7.3
Then, we end up getting 7.30.
We have to find 1/2 of 7.30.
of 7.30 =
Hope this helps you!