SOLUTION: What’s the correct formula to use for this
Amanda account earned $600 in interest. If the interest rate(in decimal form) is 0.03
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Question 1155016: What’s the correct formula to use for this
Amanda account earned $600 in interest. If the interest rate(in decimal form) is 0.03
Found 2 solutions by josmiceli, ikleyn:
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
If that's all the information, then it is
a simple interest problem. For simple
interest:
where:
= interest earned
= amount invested
= interest rate
time in years of investment
---------------------------
This problem sounds like it is for 1 year, so
$20,000 was her amount invested
Answer by ikleyn(52898) (Show Source): You can put this solution on YOUR website!
.
On simple interest introductory problems, see the lesson
- Simple interest percentage problems
in this site.
Learn the subject from there.
Consider this lesson as your textbook, handbook, tutorial and (free of charge) home teacher.
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