Steve was charged $75.00 interest for 1 month on a $3,000 credit card balance. What was the monthly interest rate? Give you answer as a percentage, round to the nearest tenth of a percent. 2.5%
2.If $5,600 is deposited into an account paying 5.325% interest compounded annually (at the end of each year), how much money is in the account after 9 years? Round your answer to the nearest cent.8932.46
3.
11% of what number is 132? 14.52
#1 & 2 are correct
#3 :
"11% of what number is 132?"
.11x = 132
x = 132/.11 = 1200
check: 11% of 1200 = .11(1200) = 132
To find the monthly interest rate for the credit card balance, divide the interest charged ($75.00) by the principal amount ($3,000.00). Then, multiply the result by 100 to convert it into a percentage.
So, the calculation would be:
Monthly interest rate = (Interest charged / Principal amount) * 100
Monthly interest rate = ($75.00 / $3,000.00) * 100
Monthly interest rate = 0.025 * 100
Monthly interest rate = 2.5%
Therefore, the monthly interest rate for Steve's credit card balance is 2.5% (rounded to the nearest tenth of a percent).
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For the second question, to find the amount of money in the account after 9 years with a compounded interest rate, we can use the formula for compound interest:
A = P (1 + r/n)^(nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment/loan amount
r = the annual interest rate (in decimal form)
n = the number of times that interest is compounded per year
t = the time the money is invested/loaned for (in years)
In this case, the principal amount (P) is $5,600, the annual interest rate (r) is 5.325% (or 0.05325 in decimal form), the interest is compounded annually (n = 1), and the time period (t) is 9 years.
So, the calculation would be:
A = $5,600 (1 + 0.05325/1)^(1 * 9)
Using a calculator or a spreadsheet, the result comes out to be approximately $8,932.46
Therefore, the amount of money in the account after 9 years would be $8,932.46 (rounded to the nearest cent).
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To determine the number that is 11% of 132, divide the given number (132) by the percentage in decimal form (0.11).
So, the calculation would be:
Number = Given number / Percentage
Number = 132 / 0.11
The result comes out to be approximately 1,200.
Therefore, 11% of 132 is approximately 14.52.