Math Help Please!?

Question

i need help with this math homework i have. im not asking for answers. i just need help on how to figure a problem like this out
It says FIND THE SIMPLE INTEREST AND THE BALANCE OF THE ACCOUNT.
Question says
$1000 at 3% for 6 months
another one says
$4000 at 5% for 3 months

how would i find the answer to these problems....what is the process???/
Please and Thank you

ok well thanks answer number1...it helped me out...but i went to the 1st source u gave me and it said
Time = amount of time the money is left in the bank (since the rate is annual, the time must be in years in any calculation). how would i put 6 months in years? im a little confused

Answer 1

On a practical note, if the bank only pays interest once a year, then you won't get ANY interest for a fraction of a year. This is most common on accounts with a "no withdrawal" clause.

In theory, however, you take the period (3 or 6 months) and divide by a year to get a fraction (1/2, or 1/4).
Multiply your annual interest by this fraction.

Answer 2

Simple Interest





Simple interest is calculated using the mathematical formula:



Simple Interest = Principal x Rate x Time



where: Simple Interest = interest you will receive in $

Rate = annual interest rate quoted as a per cent

Time = amount of time the money is left in the bank (since the rate is annual, the time must be in years in any calculation).

Answer 3

3% annual interest for six months simple interest = 1 1/2% (1/2 of 1 year).
1 1/2% of 1000 = $15
balance at six months = $1015

5% annual interest for 3 months = 1 1/4% (1/4 of 1 year).
1 1/4% of 4000 = $50
balance at three months = $4050

Answer 4

to put months into years simply take the number of months and divide it by 12...6 months equals 1/2 year or .5 years...