Concept explainers
To find: the annual simple interest rate for the certificate of deposit.
Answer to Problem 30PPS
The simple interest rate is
Explanation of Solution
Given information:
Mrs. Glover placed $15000 in a certificate of deposit for 18 months for her children’s college funds. Each month she makes $56.50 in interest.
Calculation:
Use the formula
First find the amount of interest she will pay
The principal is $15000. So
Hence, the simple interest rate is
Chapter 7 Solutions
Pre-Algebra, Student Edition
Additional Math Textbook Solutions
College Algebra (7th Edition)
College Algebra (10th Edition)
Linear Algebra with Applications (2-Download)
Intermediate Algebra for College Students (7th Edition)
College Algebra in Context with Applications for the Managerial, Life, and Social Sciences (5th Edition)
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education