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Author Question: You inherited 1,000 from your grandparents and place this amount in your savings account. If your ... (Read 120 times)

imanialler

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on: Jun 24, 2018
You inherited 1,000 from your grandparents and place this amount in your savings account. If your bank pays 6 compounded quarterly, how much interest will you earn one year from now? Round to the nearest cent after each calculation.

Question 2

The date of a note is July 18 and interest is due on September 6. How many days is it from the initial date of the note to the day the interest is due?


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briezy

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Reply #1 on: Jun 24, 2018
Answer to Question 1

61.37;
6  4 = 1.5; 1,000  0.015 = 15; 1,015  0.015 = 15.23; 1,030.23  0.015 = 15.45; 1,045.68  0.015 = 15.69; Add the interest for a total amount of 61.37.

Answer to Question 2

50 days;
July has 13 more days, August has 31, and September has 6 days.


imanialler

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Reply 2 on: Jun 24, 2018
Wow, this really help

mohan

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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