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August 30, 2014

August 30, 2014

Posted by **Kenya** on Monday, April 7, 2008 at 10:16pm.

Question #1

Amount: $5432

Annual Interest Rate: 6.2%

Time: 3 years

Question #2

$4500 at 5.5% for 4 1/2 years

Question #3

$3680 at 6.75% for 2 1/4 years

Question #4

5.5% for 1 3/4 years on $2543

I'm sorry for so many but I just don't understand them =]

- Adv. Math -
**Ms. Sue**, Monday, April 7, 2008 at 10:28pmThe basic formula is Interest equals principal times rate times time or I = PRT.

For # 1:

I = 5432 * 0.062 * 3

I = 1010.35

Follow this pattern. We'll be glad to check your answers.

- Adv. Math -
**Kenya**, Monday, April 7, 2008 at 10:40pmSo for #2 the answer is 1113.75. But I still don't understand #3 and #4 because I don't know how to multiply the years. You know 2 1/4 and 1 3/4

- Adv. Math -
**Ms. Sue**, Monday, April 7, 2008 at 10:45pmYou're right for # 2. :-)

It's easiest to use the decimal equivalents for the fractions of a year: 2 1/4 (2.25) and 1 3/4 (1.75).

# 3:

I = 3680 * 0.0675 * 2.25

- Adv. Math -
**Kenya**, Monday, April 7, 2008 at 10:48pmOh yea! It's like your counting by quarters. Man I forgot. My bad =] Thank You for the great help maybe I might come back for more help today. Again thanks for the great help!!

- Adv. Math -
- Adv. Math -
**Ms. Sue**, Monday, April 7, 2008 at 10:51pmYou're very welcome. And I look forward to helping you again.

- Adv. Math -
**Brenna**, Tuesday, August 31, 2010 at 9:16pmI have a question, is the different wording of #4 significant? Because it says 5.5% for 1 3/4 years on $2543. I am not having any trouble with the others, just this one.

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