jasminemcdonald816
jasminemcdonald816 jasminemcdonald816
  • 14-05-2021
  • Mathematics
contestada

As 1,000 earns simple interest at the rate of 3% each year. The interest is paid at the end of every month. How much interest will the bond have earned after 3 months?

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 15-05-2021

9514 1404 393

Answer:

  $7.50

Step-by-step explanation:

The monthly interest rate is 3%/12 = 1/4%. The dollar amount of interest earned in 3 months is ...

  I = Prt = $1000(0.0025/mo)(3 mo) = $1000(0.0075) = $7.50

Answer Link

Otras preguntas

A student estimated the sum 7.95 + 8.11 + 78.5 + 8.05 + 79.4 + 0.815 as: All the numbers begin with a 7 or 8, so use cluster estimation. 8 + 8 + 80 + 8 + 80 + 0
Name of marcus and angela's son on for better or worse
If element X has 52 protons, how many electrons does it have?
Triangle CDE is translated down and to the right, forming triangle C'D' e. Which congruency statement is correct? a. ΔDCE ≅ ΔD'E'C' b. ΔDCE ≅ ΔD'C'E' c. ΔEDC ≅
Why did communist party membership rise during the early years of the great depression?
Explain the bakke case how did it begin and how did it end?
Which term describes the region in which an electron is most likely to be found?
A train travels 80 kilometers in 3 hours , and 84 kilometers in 2 hours .What is the average speed ?
What is the value of
What is common to the variation in the range and the height of a projectile