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2 votes
Find the interest.
. 750$, 6.5%, 2years

User Eswenson
by
9.5k points

1 Answer

2 votes

Answer:

simple interest=$97.50.

compound interest= $100.668

Explanation:

Given:

Principal (P) = $750

Rate (R) = 6.5% (in decimal form, 0.065)

Time (T) = 2 years

Simple Interest = Principal*Rate*Time

Using the formula, the simple interest is calculated as follows:

Simple Interest = $750*0.065*2 = $97.50

Therefore, the simple interest for $750 with a 6.5% interest rate over 2 years is $97.50.

Again:

Compound Interest = Principal*(1 + Rate)^(Time)-Principal

Using the same values as above, the compound interest can be calculated as follows:

Compound Interest = $750*(1+0.065)^(2)-$750

= $750*1.065^2 -$750

= $750 × 1.134225 - $750

= $850.66875-$750

= $100.668

Therefore, the compound interest for $750 with a 6.5% interest rate over 2 years is $100.668

User Milan M
by
7.8k points
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