Wednesday

April 16, 2014

April 16, 2014

Posted by **Monica** on Sunday, January 29, 2012 at 10:00pm.

- Math -
**Reiny**, Sunday, January 29, 2012 at 10:07pmI will assume "simple interest", even though for 7 yrs that is very unusual

Rate = Interest/(prinicipal x time)

= 882/(900(7))

=.14

or 14%

check: I = PRT = 900(.14)(7) = 882

if it is compound interest ....

1782 = 900(1+i)^7

1.98 = (1+i)^7

take 7th root

1.102525 = 1+i

i = .102525

the annual rate would be 10.25%

this shows the tremendous difference between simple and compound interest over a significant time

**Related Questions**

math - How much will Pauline pay in interest if she takes out a simple interest ...

Math - If the principal P = $900, the interest I = $819, and time t = 7 years, ...

math - Nazir saved $900 to buy a plasma tv, he borrowed the rest at an interest ...

Math - If the principal P = $900, the rate r = 5 1/2 %, and time t = 1 year, ...

math- algebra - If the principal P = $900, the rate r = 4 1/2, and time t = 1 ...

Math - Find the simple interest. Round your answer to the nearest cent. ...

math - As you and your spouse are discussing your monthly budget at the dinner ...

math - Given interest of $11,900 at 6 percent for 50 days (ordinary interest), ...

ALGEBRA - If the principal P = $900, the rate r = 7 1/2 %, and time t = 1 year, ...

ALGEBRA - If the principal P = $900, the rate r = 4 1 2 %, and time t = 1 year, ...