Homework Help: Consumer Math

Posted by Amy on Tuesday, October 2, 2012 at 8:33am.

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 - Steve, Tuesday, October 2, 2012 at 11:42am
assuming
(a) the deposit was made at the beginning of the 1st quarter
(b) the interest is credited quarterly

then after two quarters (the beginning of the third quarter), the balance is

1400(1+2*.0675/4) = 1447.25

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