Friday

August 22, 2014

August 22, 2014

Posted by **keleb** on Monday, January 7, 2008 at 7:58pm.

- math please explian -
**Damon**, Monday, January 7, 2008 at 8:13pmI knew it was coming :)

you are going to do 6% a year compounded quarterly.

that means you will do 6%/4 each time

that is 1.5% every three months.

that means every three months you will multiply whatever is in the bank by 1.015

You do this four times in a year so you multiply the original amount by

1.015 *1.015*1.015*1.015

or 1.015^4

which is

1.06136

\So multiply that by 8,000

=8490.91

to the nearest dollar that is

8,491

so you made 491 in interest that year.

**Related Questions**

math - Loan #1 Year Amount owed 1 $3796 2 $3942 3 $4088 Loan # 2 Year Amount ...

math - Loan #1 Year Amount owed 1 $3796 2 $3942 3 $4088 Loan # 2 Year Amount ...

Finance - Sauerfood company has decided to buy a new computer system with an ...

math - the total amount of interest on this loan of $6000 for 150 days is $210....

MAth - 1. John’s loans for his business total $155,000. One of the loans is a ...

Math - Choose the one alternative that best completes the statement or answers ...

math - Please help I know to figure out simple interest but what is the best way...

Math - 1. Jacksonville Technical College received $3,445,553 in state aid on ...

Finance - To find the simple interest on a loan for 1 year at 12.5%, multiply ...

eco - Suppose a person pays $80 of annual interest on a loan that has a 5 ...