Posted by Tanisha on Tuesday, April 14, 2009 at 9:24pm.
Find the simple interest.
$900 deposited at an interest rate of 3% for 5 years.
$1,348 deposited at an interest rate of 2.5% for 18 months.

Math Pre Algebra  Reiny, Tuesday, April 14, 2009 at 9:55pm
simple interest = principal x rate x time
for the first one:
interest = 900(.03)(5) = 135
do the second one the same way, use 18/12 for the time.

Math Pre Algebra  Tanisha, Tuesday, April 14, 2009 at 10:11pm
so the answer or the first one is 135 and im not supposed to add 900 to 135?

Math Pre Algebra  Reiny, Tuesday, April 14, 2009 at 10:15pm
it just asked for the interest
If you add the 135 to the original 900 you would have the "amount"

Math Pre Algebra  Tanisha, Tuesday, April 14, 2009 at 10:16pm
oh ok thank you

Math Pre Algebra  Tanisha, Tuesday, April 14, 2009 at 10:19pm
for the second one do i do
1348(0.0025)(1.5)= 5

Math Pre Algebra  Reiny, Tuesday, April 14, 2009 at 11:05pm
small slipup
2.5% = .025 not .0025 like you have
interest = 1348(.025)(1.5) = 50.55
(love to have a loan of %1348 where I would only pay $5 in 1 1/2 years)
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