Explanation Given Information: Principal invested is $ 295 , 500 , time period is 14 months and amount of interest is $ 39 , 800 . Formula used: The formula to compute the principal amount is, R = I P T Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time period. Calculation: Consider that interest amount is $ 39 , 800 , principal invested is $ 295 , 500 , time period is 14 months

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 10.II, Problem 14RE

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To calculate: The rate of interest where principal invested is $295,500, time period is 14 months and interest amount is $39,800 and round the answer to nearest tenth of a percent.

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Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Joe Hale goes to a credit union and borrows...Ch. 10.I - Prob. 3TIE Ch. 10.I - Prob. 4TIE Ch. 10.I - a. A loan was made on April 4 and had a due date...Ch. 10.I - a. What is the maturity date of a loan taken out...Ch. 10.I - Prob. 1RE Ch. 10.I - Prob. 2RE Ch. 10.I - Prob. 3RE Ch. 10.I - Prob. 4RE

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The rate of interest where principal invested is $ 295 , 500 , time period is 14 months and interest amount is $ 39 , 800 and round the answer to nearest tenth of a percent.

Solution Summary: The author calculates the rate of interest where principal invested is 295,500, time period 14 months, and interest amount 39,800.

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To calculate: The rate of interest where principal invested is $295,500, time period is 14 months and interest amount is $39,800 and round the answer to nearest tenth of a percent.

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Chapter 10 Solutions