Question

1. Lisa's parents gave her $1000 for her high

school graduation. She put the money into a
savings account that earned 7.5% annual
interest. How much interest will be paid after
nine months?

Can someone explain this to me

Answer 1

Explanation:

Answer 2

Answer: $56.25

Explanation:

Money: $1000

Interest: 7.5% or
`(7.5)/(100) =0.075`

There are two steps you can use to find this.

First

---------------------------------------------------------------------------------------------

To find the annual interest multiply by the rate.

`(1000)(0.075)\\=75`

We can now find how much that is per month;

`(75)/(12) = 6.25` per month, to find how much that is in 9 months, multiply by 9

`6.25*9=56.25`

----------------------------------------------------------------------------------------------

Second

You know 12 months is 1 year, you divide the amount of months that we're trying to calculate the interest of, by the amount of years in months; in this case, 12.

`(9)/(12)=0.75`

Multiply that by the interest and the total amount.

`(0.75)(0.075)(1000)\\= 56.25`

----------------------------------------------------------------------------------------------