Algebra 2

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*Miss*Priss*
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Algebra 2

Post by *Miss*Priss* »

ok. today was the 1st day of second semester & our teacher gave us a shit load of homework & on it is simple interest & the formula is i=prt p- represents the principal in dollars, r- represents the annual interset rate & t- represents the time in years



do i just multiply them all together??



heres the prob.

p=$2500 r=6.5% t=3 years



you fill those in as the variables but do you just multiply them all?



p=$65,283.21 r=9.32% t= 6 & a half years





please someone help im totally confused!!!
*As we grow up we learn that even the person who wasn't supposed to ever let you down probably will. You will have your heart broken- probably more than once & it wont be any easier the second time. You'll fight with your best friend. You'll blame a new love for something your old one did. You'll cry because time is passing too fast & you'll eventually lose someone you love. It's life...so live it to the fullest...fall in love, get hurt,take chances,& have no regrets!* Danielle*
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SirPostAlot
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Re: Algebra 2

Post by SirPostAlot »

hmm...i remember this vagullly...

i believe its:



A=P(1+r/x)^rt



x = times is multiplied...like bi annually would be 2...



so in your example:

heres the prob.

p=$2500 r=6.5% t=3 years



it would be:



A=2500(1+6.5/1)^6.5*3



ok wait thats too big...

hmm...i dunno...but it something to that nature...theres something wrong w/ my formula though



~Jeff~
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LilyMaid
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Re: Algebra 2

Post by LilyMaid »

~*~AiM_uSeR~*~, you are thinking of the formula for compound interest. *Miss*Priss*'s problem is a simple interest problem. When calculating simple interest, the interest earned is the same for each time period.



Like *Miss*Priss* said, simple interest is given by:



I = PrT, where:

I = interest, $

P = principal, $

r = rate of interest, per annum (DECIMAL)

T = term of interest, years



Your variables are:

I = ?

P = 2500

r = 0.065 <<---- It's as a decimal, remember :)

T = 3



Using your formula,

I = PrT

I = 2500 x 0.065 x 3

I = 487.5



Therefore, Interest is $487.50.



The process is the same for any variables. In the second problem (I'm assuming that is a second problem), your variables are:

I = ?

P = $65,283.21

r = 0.0932

T = 6.5



Using your formula,

I = PrT

I = 65,283.21 x 0.0932 x 6.5

I = 39 548.56862



Therefore, Interest is $39 548.57



If the decimal is confusing you, you can use the formula I = PRT/100 instead.





If you are also required to calculate the total amount, use the formula:

A = P + I, where

A = amount in total, $

P = principal, $

I = interest, $



I hope that helps. It's been a long time since I did this stuff, lol. Hopefully I didn't stuff anything up rushing, haha.
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*Miss*Priss*
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Re: Algebra 2

Post by *Miss*Priss* »

Thanks so much!!!! i finally figured it out my mom helped me ...i was doing 6.5% instead of making it a decimal thats why i couldnt get the right answer
*As we grow up we learn that even the person who wasn't supposed to ever let you down probably will. You will have your heart broken- probably more than once & it wont be any easier the second time. You'll fight with your best friend. You'll blame a new love for something your old one did. You'll cry because time is passing too fast & you'll eventually lose someone you love. It's life...so live it to the fullest...fall in love, get hurt,take chances,& have no regrets!* Danielle*
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