Plant a shrub of her choice in the backyard, or if u live in a apartment, plant a rose in a pot! that would be of great help as if every child does this he breathes the oxygen reaped by his plant!
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What means a whole dollar amount for the year
The formula for simple interest is Interest = Principal x Rate x Time ÷ 100 As the rate is an annual rate and the period is 1 year then Interest = Principal x 4.5/100. The balance at the year end = Principal + Interest = Principal x 104.5/100.
reduces the amount of interest expense each succeeding year
The question doesn't tell us the compounding interval ... i.e., how often theinterest is compounded. It does make a difference. Shorter intervals makethe account balance grow faster.We must assume that the interest is compounded annually ... once a year,at the end of the year.1,400 x (1.055)3 = 1,643.94 (rounded)at the end of the 3rd year.
APR stands for Annual Percentage Rate. It's the amount of interest you pay each year on the outstanding balance.