what is the july interest ?total purchase is $15,632.16 with a %10 interest rate for 10 months
86.85
88.25
89.93
91.92
my answer is 89.93
what is the first months interest for the following $7659.43 at an interest rate of %11 percent for 6months
50.78
51.49
51.90
54.26
my answer is 51.90
bobpursley can you please check my answers thank you so much
does anyone know how to figure these out
To calculate the interest, you can use the formula:
Interest = (Principal x Rate x Time) / 100
For the first question:
Principal = $15,632.16
Rate = 10%
Time = 10 months
Using the formula:
Interest = (15,632.16 x 10 x 10) / 100
Interest = (15,632.16 x 100) / 100
Interest = 15,632.16
So, the interest for the given purchase amount and interest rate is $15,632.16. None of the provided options match this amount, so none of them can be the correct answer.
For the second question:
Principal = $7,659.43
Rate = 11%
Time = 1 month
Using the formula:
Interest = (7,659.43 x 11 x 1) / 100
Interest = 842.54 / 100
Interest = 8.43
So, the interest for the first month is $8.43. None of the provided options match this amount, so none of them can be the correct answer.
It seems that there might be an error in the answer options provided or in the calculation of interest. Please double-check your calculations or provide further information to assist you better.