Answered

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$750 at 6% for 18 months

Sagot :

kaidenshackelford

Answer:

The interest is $1242.734 and the amount is $13242.734.

Step-by-step explanation:

STEP 1: Convert interest rate of 1.5% per month into rate per year.

STEP 2: Convert 210 days into years.

STEP 3: Find an interest by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this example P = $12000, i = 18% and t = 0.57534 years, so

STEP 4: Find an amount by using the formula .

Since P = $12000 and I = $1242.734 we have

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