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April 23, 2014

April 23, 2014

Posted by **Tanisha** on Tuesday, April 14, 2009 at 9:24pm.

$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 9:55pmsimple 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 10:11pmso 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 10:15pmit 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 10:16pmoh ok thank you

- Math Pre Algebra -
**Tanisha**, Tuesday, April 14, 2009 at 10:19pmfor the second one do i do

1348(0.0025)(1.5)= 5

- Math Pre Algebra -
**Reiny**, Tuesday, April 14, 2009 at 11:05pmsmall slip-up

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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