# Consumer Math

posted by .

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 -

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.

• Consumer Math -

One thousand dollars in a savings account pays 7% interest per year. The interest earned after the first year is added to the account. How much interest is earned on the new principal the following year?

## Similar Questions

1. ### mathematics

Ginger earns \$18,500 annually and has 22% of her gross earnings withheld. What is the net amount of her paycheck each pay period if she is paid biweekly?
2. ### math

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?
3. ### Consumer Math

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?
4. ### math

Samantha opened a savings account and deposited some money into the account. The account pays an annual simple interest rate of 5%. After 9 years, the interest earned on the account was \$1,800. How much money did Samantha deposit in …
5. ### math

A savings account opened 3 months ago now has a balance of Rs. 20,400. If the bank pays 8 percent p.a. Simple interest, how much money was deposited?
6. ### Math

25. Edith earns an annual gross salary of \$17,500. She has 28% of her gross salary withheld for taxes and other deductions. What is the net pay of each paycheck if she is paid weekly?
7. ### math

Titus deposited \$1,508.49 in a savings account that earns 4.2% simple interest. What will Titus's account balance be in 8 months?
8. ### Lat math question for some days. Can y'all help?

Huan deposited \$850 into a college savings account earning 4.8% interest compounded annually. He also deposited \$850 into a second account earning 4.8% simple interest. He made no additional deposits. After 10 years, which account …
9. ### Math

I need to see how this is answered. 1. Lauren deposited \$200 into her savings account with 1% interest rate compounded annually. After 4 years her balance was \$208.12. Colby deposited \$200 into a savings account that earned a 2% simple …
10. ### math

1) Carmen borrowed \$1,200 for three months at 10.5% interest. How much interest did she pay for the loan?

More Similar Questions