Question

Find the total balance of each investment account earning simple annual interest. A: $624 at 5% for 3 years B: $4,120 at 7% for 18 months C: $900 at 3. 1% for 6 months D: $275 at 4. 8% for 8 years.

Answer 1

formula: Interest = P * R * T /100

Apply it in every part.

A) I = 624 * 5 * 3 / 100

I = 9360/100

I = 93.60

So, Total amount = 93.60 + 624 = $717.60

B) I = 4120 * 7 * 3 / 2*100

I = 86520 / 200

I = 432.60

So, Total amount = 432.60 + 4120 = $4552.60

C) I = 900 * 3.1 * 1 / 2 * 100

I = 2790 / 200

I = 13.95

So, Total Amount = 13.95 + 900 = $913.95

D) I = 275 * 4.8 * 8 /100

I = 10560 / 100

I = 105.60

So, Total amount = 105.60 + 275 = $380.60

Step-by-step explanation: