Question

Find the interest earned and the total cost for each given principal, interest rate, and time. Please solve the questions and show your work please.

A) $3,000, 4.25% 8 years
B) $5,400, 6%, 3 years

Answer 1

I (interest) P (total amount deposited in the bank) R (interest) T (time in years)
I = P * R * T / 100
A——I=$3,000*4.25%*8/100=1020
B——I=$5,400*6%*3/100=972

3000 (the money he received) interest1020… so we add + = 4020 $ will be received from the bank ,,, or you have to pay it

5400 + 972 (interest) = $ 6372

Answer 2

The answer is A: 3,00