Answer:
Step-by-step explanation:
In order to figure out how much money was left in the account after the interest was withdrawn, we have to first find out how much money was initially deposited to earn that amount of interest! The means to find that initial investment is found in the simple interest formula
prt = I, where
p is the initial investement,
r is the interest rate in decimal form,
t is the time in years, and
I is the interest earned. Notice that we have all those things but the p.
Filling in:
p(.0425)(4) = 2380 and
.17p = 2380 so
p = 14000
That means that 14000 was initially invested. If the depositor withdrew the 2380, then
14000 - 2380 is the amount left in the account, namely, $11620
Recall to always convert the mixed fractions to "improper" fractions first,
Answer:
a = $31.23 per month
b = $20.83 per month
c = 249.98 = $249.98 interest charges
= $624-249.98 = 374.02 profit part decrease 8% inc.
d = 35.35%
e = Answer is in the name; basic payment is a contract which means whilst account remains open charges are requested without fail. Should balance be less or on zero, charges are still applied.
Step-by-step explanation:
2500 x 1.2499 = interest only for start month 13 =3124.75
3124.75/ 100 x 1.08 = 8% of this = 249.98 each year.
We only have to divide each by 12 to work out monthly individual charges and subtract to find out payments.
3124.75 - 249.98 = 2874.77 = Total after charges each year.
249.98/12 = 20.83 = monthly charges.
3124.75- 2500 = 624.75 payments each year
624.75/12 = 52.06 month 1 payment before charge
52.06-20.83 =31.23 total minimum payment
2500 + 249.98
Percentage = 200:600 = 1/3 33% + (comparing to ratio 10:25 closer to 40%)
We find ratio 200:600= 33.33 + 49.995/24.75 = 2.02
33+2.02 = 35.35%
