TBK11
Member
hey im stuck on this question its revision from last yr but i got no idea how to do it i think its simple interest
ty in advance/
ty in advance/
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Simple Interest Question i think (1 Viewer)
- Thread starter TBK11
- Start date
You'll have trouble with this question because if the amount is invested for only 7 months, then according to the table you'll only get interest at a rate of 2% p.a., not 3.5% p.a.
Maybe the table isn't used at all.
I = Prn
= 75000 x 0.035 x 7/12
= $1531.25
.: Total amount on maturity = 75000 + 1531.25 = $76531.25
Maybe the table isn't used at all.
I = Prn
= 75000 x 0.035 x 7/12
= $1531.25
.: Total amount on maturity = 75000 + 1531.25 = $76531.25
TBK11
Member
ehh would it be simple interest or compound interest baa dam this revison sheet but ty pc
studentcheese
Member
- Joined
- Oct 19, 2008
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- 628
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- Female
- HSC
- 2010
If you were not given the table, it would be compound interest.
^{n} = 75000(1+\frac{3.5}{100} . \frac{7}{12}) = 75000(1 + \frac{49}{2400}) = $76531.25)