simple intrest

posted by .

My daughter brought home a work sheet and I have no clue where to begin to help her and she seems to have no clue either.

the questions are
1. Find the final balance in each account.

$800 at 4.25% simple intrest for 6 years

2. $2,000 at 6% compounded annually for 3 years

please help us

1.
interest = principal x rate x time.
int = 800 x 0.0425 x 6 =??
int + 800 = final balance.

2.
You don't say what you want calculated here.
final balance = (1.00+rate)time=(1.06)3 = ??

If you want the interest just subtract 2,000 from the final balance.

I hope this helps.
If some of the exponents don't print well I will post a quickie correction.

For simple interest, there is a formula:

I = P x r x t

I is the total interest , r is the rate, and t is the time. Thus, the final balance is the initial 800 + I.

For compound interest, it is a little more complicated. Find the new balance after one year by using the above. Then, you need the interest on the NEW balance for the second year (that is the difference between compound and simple), and then add this new interest to the balance after one year, and you have the end of second year balance. Then you do the same for the 3rd year.

There is a formula for compound interest, but it may be beyond your daughter's level.

It is M = P(1 + i)^n

where M is final amount, P is the principal, i is the rate, and n is the number of years.

Let me know if I can help further.

Here's a simple interest calculator:
http://www.webmath.com/simpinterest.html

And here's a compound interest calculator:
http://www.moneychimp.com/calculator/compound_interest_calculator.htm

=)

Correction to 2.
Obviously I omitted the principal.
final balance = 2,000*(1.06)3 = 2382.03

Le't see if this looks any better.

  • simple intrest -

    I got 834, and 1.70 write down that answer and write me back and tell me if its right my daughter asked me for help but i really don't get it please tell me if its right

  • simple intrest -

    the key to doing the problem is to emagine you were on ashopping spree and the sign said 4.5 pecent off of everything you need to act like you are shopping in order to get your am=nswer and it will determine what kind of salary you make in the future.

  • simple intrest -

    $1004.00

  • waqkh kbgi -

    tmfsnju hajzceui svnepmz idex odaxsygq dymfwa bapz

  • Simple Intrest - 7th Grade Math. -

    Formula for Intrest:

    I=prt (I party)

    I- Intrest
    P- Principal
    R- Rate
    T- Time (years) Month: x/12

    - - - - -

    I = 800 (4.25)(6)

    B=p+I 800+ [ $20400 ]

  • simple intrest -

    $800 AT 4.25% SIMPLE INTREST FOR 6 YEARS

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math

    What is my number? clue 1. my number is a multiple of 2 and 7 clue 2. My number is less than 100 but larger than 50. clue 3. My number is the product of three primes, which are all different. Can some one tell me how to work this problem?
  2. algebra

    evaluate each function for the value specified.fx+x2-7x+10; find (a)f(0),(b)f(5),and(c)f(-2). can any one help me withthis i have not the first clue how to begin here. What you wrote is nonsense. Did you mean f(x)=x2-7x+10 ?
  3. math

    my fith grader has a work sheet on stem and leaf plots. There is no workbook or examples that were given and i have no clue. Can you help me?
  4. English

    In my sentence I typed, "I did not have a clue what to expect," and the computer said that it was not proper grammar. Should it be, "I did not have a clue of what to expect?
  5. math

    You invest 3400 into account earning simple intrest. The balance is 4624 after 8 years. What is rate of intrest?
  6. Honors Chemistry

    In my vocabulary crossword puzzle, I have one clue answer left to fill in the puzzle, but the clue doesn't match anything that even EXISTS: 9. A group 18 element (on the periodic table) Answer so far: N?
  7. math

    An investor has 7000 to invest in two accounts. The first account earns 8% annual simple intrest, and the second account earns 13% annual simple intrest .How much money Should be invested in each account so that the simple intrest …
  8. English

    State the meaning of the word eradicate as it is used in the following sentence. Then, identify the context clue that you used to understand the meaning: definition clue, synonym, example clue, contrast clue, or inference clue.
  9. English

    State the meaning of the word eradicate as it is used in the following sentence. Then, identify the context clue that you used to understand the meaning: definition clue, synonym, example clue, contrast clue, or inference clue. Researchers …
  10. Math

    Clue 1: When you divide me by 5, the remainder is 4. Clue 2: I have two digits. Both digits are odd. Clue 3: The sum of my digits is 10.

More Similar Questions