Question

Hie, here's my question: $1800 at 6.5% for 30 months
A. Find the interest earned.
b. Find the balance of the account.

Answer 1

Answer:

A. 10105.86 (compound) or 3510 (simple)

B.11905.86 (compound) or 5310 (simple)

Step-by-step explanation:

If its's compound interest:

$1800(1 + \frac{6.5}{100}) ^{30} = 11905.86$

$11905.86 - 1800 = 10105.86$

If it's simple interest:

$6.5 \times 30 = 195$

$\frac{1800 \times 195}{100} = 3510$

$3510 + 1800 = 5310$