i need help please!!!?

0 ⤊

i need help please!!!?

how do you figure out the answer to this problem $1250 at 3% for 6 months.
THIS PROBLEM IS DEALING WITH FINDIBG THE BALANCE, CAN U PLEASE EXPLAIN STEP BY STEP WHAT TO DO...

2007-01-17 12:16:50 · 2 answers · asked by BaBy PhAt LoVeR 1 in Education & Reference ➔ Homework Help

2 answers

If it is an annual interest rate then you would take 1,250 x .03 = 37.50 divided by 2 (half a year)

and get 18.75 interest. add that to 1,250 and you get 1,268.75

(I'm assuming this is simple. If the interest is paid monthly, then it will be slightly more with accrued interest).

2007-01-17 12:22:22 · answer #1 · answered by the Boss 7 · 0⤊ 0⤋

okay the equation for this is ((the ammount of money)x(the percentage plus 1, your would be 1.06)(to the power of the ammount of time). Got it?

2007-01-17 20:21:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋