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Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of inte…

Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of inte…
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4 votes
Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD’s penalty for early withdrawal was three months’ worth of interest on the amount withdrawn, how much of a penalty did Tony pay?

asked
User Hohohodown
by
8.2k points

2 Answers

1 vote
The formula is
I=prt
I penalty paid ?
P the amount of early withdrawn 475
R interest rate 0.048
T time 3/12
So the CD’s penalty for early withdrawal is
I=475×0.048×(3÷12)
I=5.7

Hope it helps!
answered
User LiamV
by
7.4k points
3 votes

Answer:

A on edge nuity

Explanation:


answered
User Laurent LA RIZZA
by
8.8k points
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