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?

Respond to this Question

First Name
School Subject
Your Answer

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