Answer:
The exact interest on $5,870 at 12% is $410.9
Step-by-step explanation:
From the information provided we know that
Principal amount: $5,870
Interest rate: 12% -> 0.12
Time: 7 months (From June to December)
When you know the principal amount, the rate, and the time, the amount of interest can be calculated by using the formula:
where P is principal, r is the rate of interest and t is the time in years.
We need to convert the 7 months into 1 year.
Now we can use the above formula
Therefore the exact interest on $5,870 at 12% is $410.9
We know that 5 fits entirely into our number three times, and then there's a remainder of 4.
If 5 fits three times exactly, it means that our number is at least 15 (5x3).
From here, we have a remainder of 4, which leads to 15+4=19
Answer:
$140
General Formulas and Concepts:
<u>Pre-Algebra</u>
Order of Operations: BPEMDAS
- Brackets
- Parenthesis
- Exponents
- Multiplication
- Division
- Addition
- Subtraction
<u>Algebra I</u>
Simple Interest Rate Formula: 
- <em>P</em> is principle amount
- <em>r</em> is rate
- <em>t</em> is time
Step-by-step explanation:
<u>Step 1: Define</u>
<em>Identify variables</em>
<em>P</em> = 100
<em>r</em> = 4% = 0.04
<em>t</em> = 10
<u>Step 2: Find Interest</u>
- Substitute in variables [Simple Interest Rate Formula]: A = 100(1 + 0.04 · 10)
- (Parenthesis) Multiply: A = 100(1 + 0.4)
- (Parenthesis) Add: A = 100(1.4)
- Multiply: A = 140
