MATHEMATICS MIDDLE SCHOOL

Please help Suzanne deposited $2500 in a savings account earning 3.5% interest.

What was the total interest earned at the end of 6 years?

A.
$52.50

B.
$87.50

C.
$525.00

D.
$5250.00

Answers

Answer 1
Answer: Given: 
Principal = 2,500
rate = 3.5%
term = 6 years

Simple interest = Pricipal x rate x term
S.I. = 2500 x 3.5% x 6 
       = 87.50 x 6
S.I. = 525.00  CHOICE C.

Suzanne will earn an interest of $87.50 per year and a total of $525 interest at the end of 6 years.

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Answer:

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step 1

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Answers

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4. Mitch took out a school loan for $24,000. The interest rate on the loan was 8%.Mitch paid off the loan in just 5 years. How much did he pay altogether?
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p24000
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u
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Answers

Mitch paid $ 33600 altogether

Solution:

Given that mitch took out a school laon for $ 24000

The interest rate on the loan was 8%

Number of years = 5

To find: total amount paid altogether

We can use simple interest to calculate the total amount

Total amount paid altogether = simple interest + principal amount

The simple interest is calculated as:

\text { simple interest }=\frac{\text { principal } * \text {rate of interest } * \text {number of years}}{100}

Plugging in values, we get

\text { simple interest }=(24000 * 8 * 5)/(100)=240 * 8 * 5=9600

Total amount paid altogether = simple interest + principal amount

Total amount paid altogether = 9600 + 24000 = 33600

Thus Mitch paid $ 33600 altogether

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Answers

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