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July 5, 2015

July 5, 2015

Posted by **Veronica** on Tuesday, February 20, 2007 at 9:00pm.

the questions are

1. Find the final balance in each account.

$800 at 4.25% simple intrest for 6 years

2. $2,000 at 6% compounded annually for 3 years

please help us

1.

interest = principal x rate x time.

int = 800 x 0.0425 x 6 =??

int + 800 = final balance.

2.

You don't say what you want calculated here.

final balance = (1.00+rate)

If you want the interest just subtract 2,000 from the final balance.

I hope this helps.

If some of the exponents don't print well I will post a quickie correction.

For simple interest, there is a formula:

I = P x r x t

I is the total interest , r is the rate, and t is the time. Thus, the final balance is the initial 800 + I.

For compound interest, it is a little more complicated. Find the new balance after one year by using the above. Then, you need the interest on the NEW balance for the second year (that is the difference between compound and simple), and then add this new interest to the balance after one year, and you have the end of second year balance. Then you do the same for the 3rd year.

There is a formula for compound interest, but it may be beyond your daughter's level.

It is M = P(1 + i)^n

where M is final amount, P is the principal, i is the rate, and n is the number of years.

Let me know if I can help further.

Here's a simple interest calculator:

http://www.webmath.com/simpinterest.html

And here's a compound interest calculator:

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

=)

Correction to 2.

Obviously I omitted the principal.

final balance = 2,000*(1.06)

Le't see if this looks any better.

- simple intrest -
**Bria**, Saturday, February 16, 2008 at 9:52pmI got 834, and 1.70 write down that answer and write me back and tell me if its right my daughter asked me for help but i really don't get it please tell me if its right

- simple intrest -
**kvonna**, Tuesday, April 1, 2008 at 4:37pmthe key to doing the problem is to emagine you were on ashopping spree and the sign said 4.5 pecent off of everything you need to act like you are shopping in order to get your am=nswer and it will determine what kind of salary you make in the future.

- simple intrest -
**MIKE**, Friday, August 8, 2008 at 7:47pm$1004.00

- waqkh kbgi -
**waqkh kbgi**, Sunday, February 1, 2009 at 11:42pmtmfsnju hajzceui svnepmz idex odaxsygq dymfwa bapz

- Simple Intrest - 7th Grade Math. -
**Anonymous**, Wednesday, January 8, 2014 at 6:24pmFormula for Intrest:

I=prt (I party)

I- Intrest

P- Principal

R- Rate

T- Time (years) Month: x/12

- - - - -

I = 800 (4.25)(6)

B=p+I 800+ [ $20400 ]