Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $90,000 7 1 4 6 months Step 1 Recall the formula to calculate the amount of interest earned, I, where P is the principal, R is the rate expressed as a decimal, and T is the time in years. I = PRT The rate was given to be 7 1 4% but must be converted to a decimal before using in the above formula. As a decimal, we have 7 1 4% = . Since the time is given to be 6 months, the time factor should be expressed as a fraction of a year. The numerator will be the given amount of time, and the denominator will be 12 months (1 year). This leads to the following value of T, as a fraction. T = given time in months 12 months = 12
Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $90,000 7 1 4 6 months Step 1 Recall the formula to calculate the amount of interest earned, I, where P is the principal, R is the rate expressed as a decimal, and T is the time in years. I = PRT The rate was given to be 7 1 4% but must be converted to a decimal before using in the above formula. As a decimal, we have 7 1 4% = . Since the time is given to be 6 months, the time factor should be expressed as a fraction of a year. The numerator will be the given amount of time, and the denominator will be 12 months (1 year). This leads to the following value of T, as a fraction. T = given time in months 12 months = 12
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 66SE: Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from,...
Related questions
Question
Find the amount (in $) of interest on the loan.
Principal | Rate (%) | Time | Interest | ||
---|---|---|---|---|---|
$90,000 |
7
|
6 months |
Step 1
Recall the formula to calculate the amount of interest earned, I, where P is the principal, R is the rate expressed as a decimal, and T is the time in years.
I = PRT
The rate was given to be
7
%
but must be converted to a decimal before using in the above formula. As a decimal, we have
1 |
4 |
7
% = .
1 |
4 |
Since the time is given to be 6 months, the time factor should be expressed as a fraction of a year. The numerator will be the given amount of time, and the denominator will be 12 months (1 year). This leads to the following value of T, as a fraction.
T | = |
|
||
= |
|
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781938168383/9781938168383_smallCoverImage.gif)
![Holt Mcdougal Larson Pre-algebra: Student Edition…](https://www.bartleby.com/isbn_cover_images/9780547587776/9780547587776_smallCoverImage.jpg)
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781938168383/9781938168383_smallCoverImage.gif)
![Holt Mcdougal Larson Pre-algebra: Student Edition…](https://www.bartleby.com/isbn_cover_images/9780547587776/9780547587776_smallCoverImage.jpg)
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
![College Algebra](https://www.bartleby.com/isbn_cover_images/9781337282291/9781337282291_smallCoverImage.gif)
![Trigonometry (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781337278461/9781337278461_smallCoverImage.gif)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning
![Intermediate Algebra](https://www.bartleby.com/isbn_cover_images/9780998625720/9780998625720_smallCoverImage.gif)
![Glencoe Algebra 1, Student Edition, 9780079039897…](https://www.bartleby.com/isbn_cover_images/9780079039897/9780079039897_smallCoverImage.jpg)
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill