interest formula A=2pf/b(q+1)
find A to nearest percent
p=12, f=$1209, b=$4900, Q=36
A=2*12*$1209/$4900(36+1)
A=$29,016/$4900(37)
A=$29,016/$181,300
A=0.160044126
so......is my answer 16%??????????
yes
you should have written the formula as
A=2pf/(b(q+1)) to establish the correct order of operation.
I recognize the formula as an outdated method of approximating the interest on monthly payments of a debt, used before we had calculators that gave up easy powers and root calculations.
Thanks. I know how to do it on the calculator, but I must use this formula and show my work. Calculators are great!
To find A to the nearest percent, you need to round the decimal number 0.160044126 to the nearest whole number.
To do this, you can multiply the decimal number by 100.
0.160044126 * 100 = 16.0044126
Now, round the result to the nearest whole number.
16.0044126 rounded to the nearest whole number is 16.
So, the value of A to the nearest percent is 16%.