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Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of inte…
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Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of inte…
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Nov 27, 2018
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Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of interest on the amount withdrawn, how much of a penalty did Tony pay?
Mathematics
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The formula is
I=prt
I penalty paid ?
P the amount of early withdrawn 475
R interest rate 0.048
T time 3/12
So the CD’s penalty for early withdrawal is
I=475×0.048×(3÷12)
I=5.7
Hope it helps!
LiamV
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Nov 30, 2018
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Answer:
A on edge nuity
Explanation:
Laurent LA RIZZA
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Dec 3, 2018
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Laurent LA RIZZA
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