9514 1404 393
Answer:
- periods: 4
- rate: 1%
- total amount: 598.35
- total interest: 23.35
Explanation:
"Periods" will be filled with the number of years (1) times the number of periods per year (quarterly = 4). periods = 4
"Rate" is likely filled with the rate of interest divided by the number of periods per year. rate = 4%/4 = 1%
Then the total amount is found by ...
total amount = principal × (1 + rate)^(periods)
= 575 × (1.01^4) = 598.35
The total interest is the difference between this amount and the principal.
total interest = total amount - principal
= 598.35 -575 = 23.35
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