If you place $1,000.00 in a savings account with an interest rate of 5.25/month, how much should you earn in interest at the end of the month?
Looks like D to me.
Sheesh!
Im sorry LOl, I forgot the answer choices..
$5.25
$52.50
$525.00
$0.53
connexus
1)
all of the above
2)
change the percentage to a decimal then multiply the decimal against the amount
3)
$32.50
4)
$7.50 more
good luck :-)
If she earns $5.25 a month, the answer is obviously A.
If she earns 5.25% a month, then A is not the answer.
Think about it
5% on $100 would be $5.00
so on a $1000 it would be $50
since it is a bit more than 5% , the only logical choice is $52.50
I agree with Reiny.
5.25% turns into 0.0525.
Then, you multiply 0.0525 and 1,000 together. This equals 52.50.
So, you would earn $52.50 at the end of the month in interest. So yes, I agree with Reiny, that the answer is B. I hope this helps! :)
To find out how much interest you would earn at the end of the month, you need to multiply the initial amount of money ($1,000.00) by the interest rate (5.25%) and divide it by 100. Here's the step-by-step calculation:
Interest = (Principal Amount × Interest Rate) ÷ 100
The interest rate, 5.25%, can be converted to a decimal by dividing it by 100:
5.25 ÷ 100 = 0.0525
Now, plug in the values into the formula:
Interest = ($1,000.00 × 0.0525) ÷ 100
= $52.50 ÷ 100
= $0.5250
Therefore, you should earn $0.5250 in interest at the end of the month.