SOLUTION: David's change account cost him 0.8% annual interest. How much interest would he owe on 7000 in 10 months? How much will he pay in all?

Question 1126063: David's change account cost him 0.8% annual interest. How much interest would he owe on 7000 in 10 months? How much will he pay in all?
Answer by Alex.33(110) (Show Source): You can put this solution on YOUR website!
I have to assume it is simple interest, otherwise without how long it is compounded it is impossible to regard as compound interest (cannot solve the problem).
Begin.
Owe: 7000*(0.8%)*(10/12)=46.667 unit currency. (approximately)
Pay:7046.667 unit currency. (approximately)
Hope this helps, keep calm and learn maths!
RELATED QUESTIONS
Steve's bank pays an annual interest rate of 2.8 percent on a savings account. The... (answered by ewatrrr)

Juan is going to deposit $1,000 in an account that will earn him compund interest. The... (answered by lwsshak3)

how much simple interest will rs1000 earn in 21 months at the annual rate of 8%? (answered by rfer)

Craig opens a savings account with $850. His account earns 3% annual simple interest. How (answered by rfer,stanbon)

Jesse borrowed $2,700 at 3.5% annual simple interest for 18 months. How much interest... (answered by reviewermath)

David deposited $10,000 in an account that pays 5 percent interest compounded annually.... (answered by ikleyn,mananth)

7000 in bank account at 4.5% interest compounded annually how much money will be in the... (answered by Jstrasner)

Sal Boxer decided to divide a gift of $7000 into two different accounts. He places $1000... (answered by richwmiller)

joe invested $5000 in an account that pays 8% annual interest compounded quarterly. how... (answered by ewatrrr)