218k views
3 votes
Explanation and answer please :)

Explanation and answer please :)-example-1
User Idancali
by
8.4k points

1 Answer

2 votes

Explanation:

You use the I = PRN formula

P = 11 500

R = 7.25% but you have to 7.25 divide by 100 so it becomes a decimal so it should be 0.0725

N = 2 years and 6 months. This can be 2.5 years because half of 12 is 6

the solution is 11 500 × 0.0725 × 2.5 = 2084.38

User Keith Tyler
by
7.6k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories