Author Question: You inherited 1,000 from your grandparents and place this amount in your savings account. If your ... (Read 69 times)

imanialler · **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?

briezy · **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.