Can someone explain this 7th grade math problem?

Question

i don't want to know the answer, i just have no idea how to figure it out:/

Chris put $1,500 in a savings account at an annual interest rate of 5%. If Chris does not deposit or withdraw any money, what is the amount of interest Chris will earn the first year her money is in the savings account?

Answer 1

find the amount when the base and percent are kown.

amount = base x percent

Convert 5 % to decimal\

remove the % symbol. Divide 5 by 100

5 / 100 = 0.05

Multiply 1500 Times the decimal

1500 x 0.05 = 75

The amount of interest is $ 75.00

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Answer 2

The annual interest rate of 5% means that after the first whole year ("annual" means "by the year"), she'll have 5% more than what he had put in. So take 5% of 1500, which is 0.05 * 1500. That gives you the answer.

Answer 3

$1500 x 5% = $75 This is the money gained by the intrest.
The answer to how much $ chris would have if you needed to know the total $ in his account is $1575
Hope this helps!

Answer 4

Since it's a 7th grade problem, I'm assuming simple interest, compounded annually?

If that is the case, the interest that he earns in one year is equal to:
(amount in account) x (annual interest rate)
($1,500) x (0.05) = $75.

Answer 5

Basically Chris is at a stand still in life, he's finally gotten ahead of the game and doesn't have to live paycheck to paycheck anymore. Unfortunately, his family never had much money so they wern't able to teach him how to invest, you know, stocks, mutual funds, things of that nature. Chris doesn't have much, but he wants it to count for something, that's just the American way.
PS the end of the problem indicates that Chris is a girl, I'm sorry for not knowing the sexual orientation before answering this most important of questions.

Answer 6

to answer the question you want to find out 5% of 1500

there are a few ways to do that

first way is:
5% is the same as .05 in decimal form
so to get 5% of 1500 you multiply 1500 by .05
in other words 1500 x .05= 75 to get your answer

the answer is $75

the 2nd way to solve this problem is:

set a proportion

_5_ = _X_
100 1500

solve for x.
1500 divide by 100 is 15. 15 times 5 is 75.
answer is 75.
~or~
100x=1500(5)
100x=7500 divide each side by 100
x= 75

Answer 7

use the interest rate you have, the 5%.

calculate how much is 5% of the initial amount.

that value is actually the interest he earns in the first year.

the interest he would get in the second year would be the 1500$ to which you add the interest earned in the first year multiplied by 5%.. and so on for the forthcoming years

Answer 8

Since you just want to know the interest amount, it's:
(original amount) * (interest rate) = ($1,500) * (.05)

If you wanted to know the total after one year, it would be:
(original) * (1 + interest rate)
because it would then be 105% instead of just 5%

Answer 9

every time there's a 'minus a damaging' (-a million minus -8) in a issue, you 'upload this is opposite' (-a million+ 8) for this reason, this may be the style you may do the subject: (-a million minus -8) + 4 (-a million + 8) + 4 (7) + 4 11 desire this helped!

Answer 10

Interest is $75