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Math Help - Interest question

  1. #1
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    Interest question

    I need some help here. I got the answer to the problem but would like to know what operations are used to break the formula down Principal=$5,000.00 Rate=11% Time=100 Days what would be the step by step method to break this down?
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  2. #2
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    Quote Originally Posted by Math Noob View Post
    I need some help here. I got the answer to the problem but would like to know what operations are used to break the formula down Principal=$5,000.00 Rate=11% Time=100 Days what would be the step by step method to break this down?
    what is the question ? what is the formula ?
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  3. #3
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    just calculating interest out of those numbers
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  4. #4
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    and how long does that rate of 11% stand for?
    11% per year? per quarter? per month? or what???
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  5. #5
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    100 days
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  6. #6
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    Here is another example of a similar problem.... A credit card company charges 12% annual interest on any balance due. if the balance due on Mimi's credit card is $150 and she waits 30 days to pay the bill, how much interest will she owe?
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  7. #7
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    Quote Originally Posted by Math Noob View Post
    Here is another example of a similar problem.... A credit card company charges 12% annual interest on any balance due. if the balance due on Mimi's credit card is $150 and she waits 30 days to pay the bill, how much interest will she owe?
    $1.5....
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  8. #8
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    the exact answer to that problem is 1.48 not 1.5....?? i have the answers in front of me the problem is not the answer is how to find the answer. I'm not looking for a easy way out I'm going to be taking a test for this and want to get everything down packed. It's going to fall into similar questions
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  9. #9
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    Quote Originally Posted by Math Noob View Post
    the exact answer to that problem is 1.48 not 1.5....?? i have the answers in front of me the problem is not the answer is how to find the answer. I'm not looking for a easy way out I'm going to be taking a test for this and want to get everything down packed. It's going to fall into similar questions
    alright if you want it to be precise......

    the interest rate for that 30 days would be 12% x \frac{30}{365}
    = 0.009863...

    $150 x 0.009863 = 1.48 (2 decimal places)
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  10. #10
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    Quote Originally Posted by Math Noob View Post
    I need some help here. I got the answer to the problem but would like to know what operations are used to break the formula down Principal=$5,000.00 Rate=11% Time=100 Days what would be the step by step method to break this down?
    Quote Originally Posted by ukorov View Post
    ...
    11% per year? per quarter? per month? or what???
    Quote Originally Posted by Math Noob View Post
    100 days
    Very unusual.
    I would have guessed that it was 11% annually, compounded monthly.
    Now, I'm not sure.
    Do you want to know the actual yearly interest rate?

    .
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