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Which equation could you use to find the nth term of a simple interest sequence?
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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 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
Ruiz invests 55 at a simple interest rate of 4 percent How much interest will he earn after 5 years?
Use the equation I= Prt P= Principal amount(starting)r= Rate as a decimalt=timeI = (55)(0.04)(5)= 11Therefore, he will earn $11 in interest after 5 years.
What is the ordinary interest of a loan of 500 at a 7 percent annual interest rate if the loan was made on March 15 and is due May 15?
5.83$ === Solution Method: 1. "ordinary interest" = "simple interest" <-- which is the correct financial term to use. 2. 7% APR interest can be expressed in any increment that you wish, by dividing it by a specific period of time (e.g.: annually rate = .07/1, monthly rate = .07/12, weekly rate = .07/(365/7), daily rate = .07/365 3. In your case, you want to compute the interest for 2 month as follows: (.07/12) * 2 * 500$ = 5.83$ <-- this is the simple interest owed
