How much simple interest is earned on $6000 principal, with an annual interest rate of 3.7% over 5 years?
2 answers:
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Convert all fractions to have the same denominator.
To convert, we must find the least common multiple of the two denominators of the fractions:
Multiples of 4: {4,8,12,16,20}
Multiples of 5: {5,10,15,20}
The least common multiple of 4 and 5 is 20.
Multiply the fractions by a number that will result in the denominator being 20:
The equation should now look like this:
Subtract both sides by 8/20 to get w by itself:
The value of w is 7/20.
To convert, we must find the least common multiple of the two denominators of the fractions:
Multiples of 4: {4,8,12,16,20}
Multiples of 5: {5,10,15,20}
The least common multiple of 4 and 5 is 20.
Multiply the fractions by a number that will result in the denominator being 20:
The equation should now look like this:
Subtract both sides by 8/20 to get w by itself:
The value of w is 7/20.