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Simple Interest: Emilia borrows $1200 from a bank with an 8% interest rate for 2 years. What is the amount of interest she will have to pay?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
Your 6 year investment of $40,000 at 14% interest compounded annually is worth how much now?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
When using the compound interest formula, how do you find the interest?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
What does the A represent in the compound interest formula?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
The Arnold's took out a loan for $195,000 to purchase a home. At 4.3% interest rate compounded annually, how much will they have paid after 30 years?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
What is 4.3% as a decimal?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% compounded annually. What will be his balance after 15 years?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
If you are calculating simple interest and you are given the time in months, how can you find the time in years?
divide the months by 12
0.043
$831.10
The total amount of money after a certain amount of time
$87798.90
$192
$689546.99
subtract the principle
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