2007-05-10 14:51:25 · 6 answers · asked by M&M 1 in Science & Mathematics ➔ Mathematics
The equation used is
Pe^(tr)=A
where P is principle amount, t is time, and r is the rate (decimal)
so this equation would be
5000*e^(3*.065) = A
solve this on your calculator.
2007-05-10 14:56:14 · answer #1 · answered by Jess 2 · 0⤊ 0⤋
Three things are needed to calculate simple interest:
Principle = the amount put into the bank or
the amount borrowed from the bank
Rate = the percent
Time = how many years the money is in the savings account at the bank or how many years it will take you to pay back the loan.
The formula for calculating interest is very simple:
Simple Interest = Principle x Rate x Time (in years)
The tricky part about calculating the interest is the time aspect. The time must be in years. If the time is given in months just simply divide your months by 12. This is because there are 12 months in a year.
Simple interest = $5000 x 0.065 x 3 = 975
2007-05-10 22:19:49 · answer #2 · answered by mathjoe 3 · 0⤊ 0⤋
I = $(6.5 / 100) x 3 x 5000
I = $19.5 x 50
I = $975
2007-05-11 14:12:52 · answer #3 · answered by Como 7 · 0⤊ 0⤋
5000*6.5%=325*3=975
2007-05-10 22:00:04 · answer #4 · answered by Murtagh 3 · 0⤊ 0⤋
simple interest - $5975
compound - $6039.75
continual - $6076.55
2007-05-10 22:01:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
97500
2007-05-10 22:01:53 · answer #6 · answered by bcnd 3 · 0⤊ 0⤋