An investment of $1500 paid interest of $45 during a certain period. How much interest would an investment of $2000 invested at the same rate for the same time length of time pay?
How can I solve it? Can you check it also?
2007-07-16 08:30:16 · 4 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
45/1500 = 0.03
2000 * 0.03 = 60
You actually don't need to find the interest rate. All else equal, the interest paid will be proportional to the principle:
i1/P1 = i2/P2, thus i2 = i1*P2/P1
For this problem: 45 * 2000/1500 = 60
2007-07-16 08:35:35 · answer #1 · answered by gebobs 6 · 0⤊ 0⤋
First we need to find the interest rate of the current investment and apply this value to the new investment.
Making $45 off of $1500 would be
45/1500 = 0.03 or 3% interest.
So for a $2000 investment, 3% interest would be
$2000 x 0.03 = $60
So you would earn $60 in interest off of a $2000 investment at 3%.
2007-07-16 15:37:10 · answer #2 · answered by kousuke51 2 · 0⤊ 0⤋
$45 is 3% of $1500 so the answer is 3% of $2000 or $60
2007-07-16 15:34:46 · answer #3 · answered by Chronik 2 · 0⤊ 0⤋
45/1500=3%
2000*3%=2000*3/100=20*3=60 ans
2007-07-16 15:55:17 · answer #4 · answered by MAHAANIM07 4 · 0⤊ 0⤋