Homework Help: Consumer Math

Posted by Anonymous on Monday, April 16, 2012 at 12:57am.

Franklin deposited $1,400 in a savings account that accrues simple interest at 6.75%. What is the balance in his account at the beginning of the third quarter?

Consumer Math - Henry, Tuesday, April 17, 2012 at 9:40pm
P = Po + Po*r*t.
P = 1400 + 1400*0.0675*0.5 = $1447.25.

NOTE: The beginning of the 3rd quarter is the end of the 2nd qtr.

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