I=PRT
I=interst
P=invested amount
R=rate in decimal
T=time in years
given
P=680
R=3.5%=0.035
T=6
I=680*0.035*6
I=142.8
that is interest
total is interest+principal=680+142.8=822.8
after 6 years, $822.80 is in the account
Basically its 250 + 16x = 210 + 18x where x = the number of hours doing the job.
Solving, we get 40 = 2x, x =20
The jobs has to be 20 hours long in order for their two painting jobs to be equally priced.
Hope this helped!
The interest paid for the loan will be:
I=(PRT)/100
P=$749.25
R=12%
T=120 days=120/30=4 months=1/3 years
Hence:
I=(749.25×1/3×12)/100
I=$29.97
The proceeds will be:
Net proceeds=(gross proceeds)-(expenses)
=749.25-29.97
=$719.28
