109k views
3 votes
Financial algebra help please? Show work

Financial algebra help please? Show work-example-1

1 Answer

7 votes

The formula for simple interest is A = P(1+rt)

Where P is the principal ( amount of money deposited)

R is the interest rate

t is the amount of time

A is the total of the principal and interest.


Using the information given in the problem:

A = 4200(1+0.0325*3)

A = 4200(1 + 0.0975)

A = 4200(1.0975)

A = 4609.50


Now subtract the principal from the total to find the amount of interest:


4609.50 - 4200 = 409.50


Amount of interest = $409.50

User Bdls
by
8.3k points