Question

Find the missing value. Round your answer to the nearest cent Principal: 5850, Rate: 9.72%, time 4 1/2 years. missing value are Amount and Interest

Answer 1

Given the following parameters

`\text{ Principal=\$5850,Rate=9.72\%, time = 4}\frac{\text{1}}{2}=(9)/(2)years`

The missing value are

`\text{Amount and Interest}`

Where

`\begin{gathered} \text{Interest,I}=\frac{\text{PRT}}{100} \\ \text{And } \\ \text{Amount A=P +I} \end{gathered}`

Obtain the interest, we have

`\begin{gathered} I=(P* R* T)/(100) \\ I=(5850*9.72*(9)/(2))/(100)=(5850*9.72*9)/(2*100)=(511758)/(100)=2558.79 \end{gathered}`

Therefore

The Interest I = 2558.79

The Amount will be obtain by using the formula

`\begin{gathered} \text{Amount, A=Principal +Interest} \\ A=5850+2558.79=8408.79 \end{gathered}`

Hence

The Amount, A is 8408.79