Fill in the blanks. (Round your answers to the nearest dollar.)
Interest Principal Rate Time Future Value
To fill in the blanks in the formula, you need to know the values for each of the terms: interest, principal, rate, time, and future value. I'll explain each term and how to calculate it.
1. Interest: This is the amount of money earned or charged for borrowing or investing a principal amount. It is usually expressed as a percentage. To calculate interest, you need to know the principal, rate, and time. The formula to calculate interest is: Interest = Principal * Rate * Time.
2. Principal: This is the initial amount of money that is either borrowed or invested. To fill in the blank, you need to know the principal. It could be given in the problem statement or provided through some other information.
3. Rate: This represents the interest rate, which is the percentage used to calculate interest. To fill in the blank, you need to know the interest rate. It could be given in the problem statement or provided through some other information.
4. Time: This represents the duration, typically measured in years or months, for which the interest is calculated. To fill in the blank, you need to know the time period.
5. Future Value: This is the total value of an investment or loan after the interest has been added or charged. To calculate the future value, you need to know the principal, rate, and time. The formula to calculate the future value is: Future Value = Principal + Interest.
Once you have all the necessary values, you can use the formulas provided to calculate the missing term and round the answer to the nearest dollar.