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Which equation could you use to find the nth term of a simple interest sequence?
345
What is formula for interest?
You use the PRI formula
How long would it take to earn 6000 in interest on a principal of 9000 at an annual simple interest rate of 4.1 Use the simple interest formula I prt where I is the interest earned p is the principal?
To calculate the time required to earn $6,000 in interest on a principal of $9,000 at an annual simple interest rate of 4.1%, use the formula ( I = P \times r \times t ). Rearranging the formula to solve for time ( t ) gives ( t = \frac{I}{P \times r} ). Plugging in the values: ( t = \frac{6000}{9000 \times 0.041} \approx 16.23 ) years. Therefore, it would take approximately 16.23 years to earn $6,000 in interest.
Calculate the simple interest on a loan with a principal of 6000 an iterest of 7.39 percent and a term of four years?
To calculate simple interest, you use the formula: Interest = Principal x Rate x Time. In this case, the principal is $6000, the interest rate is 7.39% (or 0.0739 in decimal form), and the time is 4 years. Plugging these values into the formula gives: Interest = $6000 x 0.0739 x 4 = $1774.80. Therefore, the simple interest on the loan would be $1774.80.
HOW TO FIND compound interest?
So you use the formula balance=principal(1+n over the number of years the the exponent ;0
Which equation could you use to find the nth term of a simple interest sequence?
345
What is formula for interest?
You use the PRI formula
How long would it take to earn 6000 in interest on a principal of 9000 at an annual simple interest rate of 4.1 Use the simple interest formula I prt where I is the interest earned p is the principal?
To calculate the time required to earn $6,000 in interest on a principal of $9,000 at an annual simple interest rate of 4.1%, use the formula ( I = P \times r \times t ). Rearranging the formula to solve for time ( t ) gives ( t = \frac{I}{P \times r} ). Plugging in the values: ( t = \frac{6000}{9000 \times 0.041} \approx 16.23 ) years. Therefore, it would take approximately 16.23 years to earn $6,000 in interest.
Calculate the simple interest on a loan with a principal of 6000 an iterest of 7.39 percent and a term of four years?
To calculate simple interest, you use the formula: Interest = Principal x Rate x Time. In this case, the principal is $6000, the interest rate is 7.39% (or 0.0739 in decimal form), and the time is 4 years. Plugging these values into the formula gives: Interest = $6000 x 0.0739 x 4 = $1774.80. Therefore, the simple interest on the loan would be $1774.80.
Find the interest due on 250 at 11 for 2 years.?
To calculate the interest due on $250 at an interest rate of 11% per year for 2 years, you can use the formula for simple interest: ( I = P \times r \times t ). Here, ( P = 250 ), ( r = 0.11 ), and ( t = 2 ). Plugging in the values, the interest is ( I = 250 \times 0.11 \times 2 = 55 ). Therefore, the interest due is $55.
What is the formula for hire purchase?
Hire purchase is calculated using the simple interest formula, and interest is only calculated on the amount owing. A = S ( 1 + i.n) Where: A = Total amount after interest S = Starting amount after deposit has been subtracted (no interest) i = Interest rate (divide the % by 100, and then again by 12, 4, or 6 depending on the number of times interest will be calculated) n = number of time periods that the purchase agreement states to pay over (24 months, etc) Substituting the given values into the formula will give you the total amount to be paid after interest has been accrued. To calculate the repayments, you divide the answer derived as A (total amount) by the number of repayments (n) you have to make. It is a really simple process, and it will only ever use the simple interest formula. Hope this was helpful ^^
HOW TO FIND compound interest?
So you use the formula balance=principal(1+n over the number of years the the exponent ;0
How can I find the interest payment on a loan or investment?
To find the interest payment on a loan or investment, you can use the formula: Interest Principal x Rate x Time. The principal is the amount of money borrowed or invested, the rate is the interest rate, and the time is the duration of the loan or investment. Plug in these values to calculate the interest payment.
How is simple interest calculated in banks?
They use the below formula: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest If you substitute the numbers corresponding to the amount that you deposit, the number of years and rate of interest, you can get the actual interest amount
How is simple interest useful in real life?
When you put money in the bank , they don't produce more , the use simple interest to charge you fees
How does a financial advisor use simple interest in their job?
you know they use stuff..
What is the formula to calculate interest?
In calculating for the interest, please use the formula below:I = PRTwhere I stands for InterestP for principalR for rate; andT for time
