also i'm having trouble with this: I have to find the simple interest on: $620 at 8.5% p.a. for 2 years.
and $3500 at 9% p.a. for 3 years, 9 months. how would i do that?
I'm wondering, because i'm doing this: 30% of 360m
I already know for example: 6%of $20 = 6/100 x 20/1
= 120/100
= $1.20
but when i'm doing: 30% of 360m = 30/100 x 360/1 (is that right? were mean't to be simplifying i think)
But when i multiply 30 by 360 i get: 10'800
How would i lay out my question! Because i'v converted the percentage and quantity to fraction.
Multiplyed and simplifyed (i hope)
And another one i'm puzzling over is: 75% of $1240
Simple Interest is the interest we gain. the principal is the amount of money we start with. the rate is the percentage interest (written as a fraction) we gain per unit time and the time is how long we are earning interest for in terms of the number of interest periods
note that 3 years 9 months is 3.75 years