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Question 1019605: The new balance after month one is 4950. These questions are about month two. Only enter numbers in your answer. No $ or %. The decimal is accepted. Be sure the % sign on your calculator to get the correct answer for these questions, but do not use a % sign in your answer
1-monthly interest percentage (round to two decimal places), 1.8333 would be what if rounded to two decimal places to the right?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The new balance after month one is 4950. These questions are about month two. Only enter numbers in your answer. No $ or %. The decimal is accepted. Be sure the % sign on your calculator to get the correct answer for these questions, but do not use a % sign in your answer
1-monthly interest percentage (round to two decimal places), 1.8333 would be what if rounded to two decimal places to the right?
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Assuming your are using simple interest::
A(t) = P(1+rt)
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1st month:: A(1/12) = 4950 = P(1+(r/12)
2nd month:: A(2/12) = 4950(1+(2r/12) = 4950(1+(r/6))
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1.8333 percent = 1.8333/100 = 0.018333 = 0.02 if rounded to 2 decimal places
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Cheers,
Stan H.
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