Question

If you invest $10,000 at 3% simple interest for 20 months, how much interest will you...

If you invest $10,000 at 3% simple interest for 20 months, how much interest will you earn?
Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Interest = P*r*t

P=Principal value =10,000

r=annual rate =3/100

t=time in years =20/12

We get Interest = 500

Solution file is attached go through it

Thanks

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A person invest $10,000 into an account that earns 6% in interest over 20 years. How...
A person invest $10,000 into an account that earns 6% in interest over 20 years. How much will this person make if the account earns simple interest? How much will this person make if the account earns compound interest? Do you think super PACs benefit society or make things worse? Explain
You deposit $2000 in an account earning 3% interest compounded monthly How much will you have...
You deposit $2000 in an account earning 3% interest compounded monthly How much will you have in the account in 20 years? How much interest will you earn? You deposit $10,000 in an account earning 4% interest compounded monthly. How much will you have in the account in 25 years? How much interest will you earn?
3) A friend borrows $4000 from you, agreeing to pay 4.55% simple interest. The loan plus...
3) A friend borrows $4000 from you, agreeing to pay 4.55% simple interest. The loan plus interest is to be paid back after 30 months. When the loan is repaid how much will be the interest portion of the repayment? What will the total repayment be, including interest and the principal? 4) You invested $10,000 In a CD that offers 4 1/4% rate compounded monthly. How much will you have in a CD after 6 years and 3 months? What...
SIMPLE INTEREST: 1. How much is the amount and simple accumulated interest of $ 16,750, to...
SIMPLE INTEREST: 1. How much is the amount and simple accumulated interest of $ 16,750, to 10.75% for five years and seven months? 2. Find the difference between exact simple interest and ordinary simple interest when calculating $ 35,600 to 77 7/8% for 180 days? 3. If you deposited $ 31,740 at what%, would you accumulate an amount of $ 61,000 in seven years? II. COMPOUND INTEREST: 1. Find the amount and compound interest from $ 21,760 to 71⁄4% for...
You invest $8,000 now and get $10,000 back in 8 years. (A) What nominal interest rate...
You invest $8,000 now and get $10,000 back in 8 years. (A) What nominal interest rate convertible every four months did you earn? (B) What nominal discount rate compounded monthly did you earn? (C) What annual effective rate of discount did you earn?
How much money do you need to invest every year for 20 years at 8% interest...
How much money do you need to invest every year for 20 years at 8% interest in order to have $500,000? In other words, what is the present value of a compounding interest.
a. You plan to take a vacation in 10 months that will cost $8,167 How much...
a. You plan to take a vacation in 10 months that will cost $8,167 How much do you have to invest today to just fund your vacation if your investments earn 4.7% APR (compounded monthly)? b. You will have a property tax payment due in 10 months that will cost $8,292. How much do you have to invest today to have just enough to pay your property tax bill if your investments earn 4.9% APR (compounded monthly)?
A.)How much do you need to invest semiannually into an ordinary annuity earning an annual interest...
A.)How much do you need to invest semiannually into an ordinary annuity earning an annual interest rate of 7.12% compounded semiannually so that you will have $5,953.19 after 7 years? B.) If you make quarterly deposits of $309.00 into an ordinary annuity earning an annual interest rate of 5.74%, how much will be in the account after 15 years? How much interest did you earn in those 15 years?
If you had invested ​$10,000 on January​ 1st, 2009, at 6​% interest compounded quarterly, how much...
If you had invested ​$10,000 on January​ 1st, 2009, at 6​% interest compounded quarterly, how much would you have on October 1,2018? How much money must you deposit at 4​% interest compounded annually in order to earn $ 240.00 interest in one​ year?
You can invest in an account that pays simple interest or an account that pays compound...
You can invest in an account that pays simple interest or an account that pays compound interest. In either case, you plan to invest $3,000 today and both accounts have an annual interest rate of 9 %. How much more interest will you receive in the 11th year in the account that pays compound interest?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT