Question

hello thanks for taking the time to view my question. I'm stuck on this problem and need help. thank you

Answer 1

(a) interest is 557.33

(b) the amoutn owned after 11 months is 3757.33

Step-by-step explanation

the simple interest formula is given by

`\begin{gathered} I=PRT \\ where \\ \text{ I is the interest} \\ R\text{ is the rate \lparen in decimal})per\text{ year} \\ T\text{ is the time \lparen}i\text{n years}) \end{gathered}`

Step 1

a)let

`\begin{gathered} P=3200 \\ R=19\text{ \% }=0.19\text{ per year} \end{gathered}`

to know the rate per month, divide by 12

`rate\text{ per month}=(0.19)/(12)=(0.19)/(12)`

now, as we are using the rate per mont, we need to use the time in month also, so

let

`t=11\text{ \lparen months})`

now, replace

`\begin{gathered} I=PRT \\ I=3200*(0.19)/(12)*11 \\ I=557.33 \\ rounded \\ I=557.33 \end{gathered}`

so,

(a) interest is 557.33

Step 2

(b) now, to know the total value to pay, we need to add the principal and teh interest, so

`total\text{ }=principal+interest`

replace

`\begin{gathered} total=3200+557.33 \\ total=3757.33 \end{gathered}`

so

(b) the amoutn owned after 11 months is 3757.33

I hope this helps you