Concept explainers
To find:
Interest and the balance of the account for an account that earns simple annual interest.
Answer to Problem 35E
Interest: $153
Balance of the account: $1003.
Explanation of Solution
Given:
Account details:
Concept used:
Simple interest formula -
I = Amount of interest,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
Calculation:
Let us convert our given interest rate in decimal form as shown below:
Upon substituting our given values in simple interest formula, we will get:
Therefore, the amount of interest would be $153.
We know that final amount is account is principal amount plus amount of interest.
Therefore, the balance of the account would be $1003.
Chapter 8 Solutions
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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