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Alfred wants to invest 4000 at 6 percent simple interest rate for 5 years How much interest will he receive?
he will receive $1,200ANSWER:Yes $1,200 is the correct answer but the logic behind it is that, it is using simple interest term means here 6 is representing interest for a year, Inorder to calculate the whole interest we will multiply 6 by 5 years we will get 30%.The total interest he will get $4,000 x 30% = $1,200.
What are the two ways of finding the number of sides of a polygon which has 189 diagonals?
By using the polygon diagonal formula or the quadratic equation formula in which in both formulae they work out that the polygon in question has 21 sides.
What states a rule using variables?
A Formula
What is the area of 15 meter long and 9 meter wide?
Finding the area of something is rather simple. You simply multiply the Length times the width. The formula is L x W=A L for length W for Width A for area in this case it would be 15 x 9= 135 The unit for area is whatever unit you are using squared So the answer is 135 squared meters
What is a disadvantage to using equations?
Equations using multiple variables, or powers of variables, may not provide a simple numerical value for a given variable. Equations that are solvable using the quadratic formula may result in two values.
The formula for ordinary interest using exact time is?
The formula for simple (ordinary) interest on a bank deposit is Deposit Amount x Rate x Time (# of days) on Deposit.
What are the advantages of using simple interest?
Using simple interest is easier for people to understand. Customers will be able to manage their payments if a business uses simple interest.
What is Simple interest is computed on?
Simple interest is computed on the principal amount, which is the initial sum of money borrowed or invested. It is calculated using the formula: Interest = Principal × Rate × Time, where the rate is the annual interest rate and time is the duration in years. Unlike compound interest, simple interest does not take into account any interest that accumulates on previously earned interest. Thus, it remains constant throughout the investment or loan period.
What is a simple sentence using the word chemical formula?
This is a simple sentence using the words "chemical formula".
What is the formula for finding the height of a triangle?
using a protractor
Why do you earn more money using compound interest than you would using simple interest?
You earn more money using compound interest than simple interest because compound interest calculates interest on both the initial amount and the accumulated interest, leading to faster growth of your money over time.
Advantages of using simple interest?
Using simple interest offers several advantages, including ease of calculation, as it involves a straightforward formula based on the principal amount, interest rate, and time period. It provides clarity on how much interest will be earned or owed, making it easier for borrowers and investors to understand their financial obligations. Additionally, simple interest can be beneficial for short-term loans, as it typically results in lower overall interest costs compared to compound interest in similar scenarios. This simplicity can also aid in budgeting and financial planning.
If and lsquoP and rsquo be the initial investment and lsquoI and rsquo be the interest rate and and lsquoT and rsquo be the time period for which funds are invested then interest earned will be?
The interest earned can be calculated using the formula ( \text{Interest} = P \times I \times T ), where ( P ) is the principal amount (initial investment), ( I ) is the interest rate (expressed as a decimal), and ( T ) is the time period (in years). This formula applies to simple interest. For compound interest, the formula would be different, generally given by ( A = P(1 + I)^T ), where ( A ) is the total amount after interest.
Which type of interest is figured on a specified time fame?
Simple interest is calculated based on a specified time frame. It is determined using the formula: Interest = Principal × Rate × Time, where the time is typically expressed in years. This type of interest remains constant over the time period, as it is not compounded.
How much interest will you have paid on a loan of 50967 for w months at a simple interest rate of 10.6 per year?
To calculate the interest paid on a loan using simple interest, you can use the formula: Interest = Principal × Rate × Time. Here, the principal is $50,967, the annual interest rate is 10.6% (or 0.106), and the time is in years, which is ( w/12 ) for months. Therefore, the interest paid would be ( 50,967 \times 0.106 \times (w/12) ).
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 ^^
What does simple intrest mean in math?
Simple interest is a method of calculating the interest charged or earned on a principal amount over a specific period of time. It is computed using the formula ( I = P \times r \times t ), where ( I ) is the interest, ( P ) is the principal amount, ( r ) is the annual interest rate (as a decimal), and ( t ) is the time in years. Unlike compound interest, simple interest does not take into account any interest that has previously accrued on the principal. This makes it straightforward and easy to calculate for short-term loans or investments.
