Prealgebra (7th Edition)

Published by Pearson
ISBN 10: 0321955048
ISBN 13: 978-0-32195-504-3

Chapter 7 - Section 7.6 - Percent and Problem Solving: Interest - Exercise Set: 12

Answer

Interest = 655,875 dollars Total amount = 920,875 dollars

Work Step by Step

I=PRT Let P=265000 dollars , R=8.25% ,T = 30 years I=265000$\times$8.25% $\times$ 30 Write 8.25% as a decimal I = 265000$\times$0.0825$\times$ 30 Multiply I= 655875 dollars The simple interest is 655,875 dollars. total amount = principal + interest total amount=265000+655875 = 920875dollars Total amount after 30 years will be 920,875 dollars
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