Thursday

July 24, 2014

July 24, 2014

Posted by **meshelle** on Thursday, December 4, 2008 at 9:22pm.

Raymond opened a savings account that pays 1.5% interest on his balance. The interest he received so far on his balance of $500 is $3.75. Can you tell from this info how long he’s had the $500 in the account? Also, for terminology, what is the Rate, the Principle and the base?

- MATH -
**Ms. Sue**, Thursday, December 4, 2008 at 9:29pmInterest equals principal times rate times time.

I = p * r * t

3.75 = 500 * 0.015 * t

3.75 = 7.5t

3.75/7.5 = t

0.5 = t

0.5 = 1/2 year

Check this site.

http://math.about.com/od/businessmath/ss/Interest.htm

- MATH -
**DanH**, Thursday, December 4, 2008 at 9:30pmUse interest = principle x rate x time.

I'm not sure what you mean by "base."

Principle here is $500, rate is 1.5%, and interest is $3.75.

Can you solve it from here?

- MATH -
**meshelle**, Thursday, December 4, 2008 at 10:13pmI still do not understand.

- MATH -
**DanH**, Thursday, December 4, 2008 at 10:20pmTry to specific and tell us what exactly you do not understand

- MATH -

**Related Questions**

math - A savings account opened 3 months ago now has a balance of Rs. 20,400. If...

math - Suppose that you deposit $1735.50 in a savings account that pays 9.25% ...

math - Rob has a balance of 1695$ in his bank account The account pays 2.9% ...

math 10 - Theo deposited $1,250 in a savings account that pays 6% interest, ...

math - how much money would have to be invested in an account at 3.98% annual ...

Math - 1. you deposit $200 into a savings account with interest compounded. ...

math - Samantha opened a savings account and deposited some money into the ...

math - If you have a savings of $2235 and deposit the amount into an account ...

math - We deposited 7,500 dollars into a savings account which pays 3.6 percent ...

pre algebra - At the beginning of the year 2000, Bob put $100 in a savings ...