Find the interest for each loan. $252 at 8% for 2 years: ________ $400 at 2% for 6 months:________ $5,000 at 3.5% for 1 year:___________ $6,240 at 10% for 9 months: ___________
Accepted Solution
A:
Hi there! I can help you! Okay. So to find the amount of interest, we have to do the formula prt. That means multiply the principal, which is the initial amount of money, the rate, which is the interest rate, and the amount of time, which is usually in years. With that being said, here is how the answers turn out.
$252, 8% for 2 years: $40.32 $400, 2% for 6 months: $4 $5,000, 3.5% for 1 year: $175 $6,240, 10% for 9 months: $468
For the months, we just convert those numbers into decimal. 6 months is 1/2 a year, so it would be 0.5 and 9 months is 3/4 of a year, so that decimal would be 0.75. All you have to do is multiply the amount of money by percentage (you can do it by decimal form) by amount of time, and you’ll be good.