Question

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Answer 1

Answer: you would have $1242.734 i think thank you for reaching out to us about

Step-by-step explanation:

You deposit $12000 into a bank account paying 1.5% simple interest per month. You left the money in for 210 days. Find the interest earned and the amount at the end of those 210 days?

Result:

The interest is $1242.734 and the amount is $13242.734.

Explanation:

STEP 1: Convert interest rate of 1.5% per month into rate per year.

STEP 2: Convert 210 days into years.

STEP 3: Find an interest by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $12000, i = 18% and t = 0.57534 years, so

STEP 4: Find an amount by using the formula .

Since P = $12000 and I = $1242.734 we have