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!!!
Algebra 2
- *Miss*Priss*
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Algebra 2
*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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Re: Algebra 2
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~
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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Re: Algebra 2
~*~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.
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.
- *Miss*Priss*
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Re: Algebra 2
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*