SOLUTION: I dont really understand how to find the balance or what the interest is ? using this formula y = C(1+r)t

Question 181026This question is from textbook Algebra 1 COncepts and skills
: I dont really understand how to find the balance or what the interest is ?
using this formula y = C(1+r)t This question is from textbook Algebra 1 COncepts and skills

Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
The formula for interest is:
where
= principle
= the rate
= time
Example:
You invest $1,000 at an annual interest rate of 3%
After 2 years:

So, you make $60 in interest after 2 years
--------------------
You got the formula wrong. It should be:

To understand, you should factor it.

What this says is:
(Principle + Interest) = (Principle) + (Interest)
The is principle
The is interest
-------------------------
Continuing with the example,
You invest $1,000 at an annual interest rate of 3% for 2 years

is what you invested + the interest the money earned
after 2 years at 3%

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