How much interest is due on $3500 at 6^(3/4) % for nine months?

can anybody manipulate 6^ 3/4 % how is that possible?

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- Sep 15th 2012, 05:31 AMrcsinterest due
How much interest is due on $3500 at 6^(3/4) % for nine months?

can anybody manipulate 6^ 3/4 % how is that possible? - Sep 15th 2012, 05:38 AMMarkFLRe: interest due
Is the given rate per annum, and how often is it compounded?

- Sep 15th 2012, 05:44 AMrcsRe: interest due
- Sep 15th 2012, 06:00 AMMarkFLRe: interest due
I would guess the interest rate is $\displaystyle 6\frac{3}{4}$% and is compounded semi-annually.

- Sep 15th 2012, 06:11 AMrcsRe: interest due
where did you get 6.384% ?

- Sep 15th 2012, 06:16 AMMarkFLRe: interest due
I misread your amount of interest...

To compute the amount of interest due, use:

$\displaystyle I=P\left(\left(1+\frac{r}{n} \right)^{nt}-1 \right)$

where:

*P*= principal

*r*= annual interest rate

*n*= number of compounding periods per year

*t*= number of years - Sep 17th 2012, 07:07 AMWilmerRe: interest due
3500 * .0675 * 9/12 = 177.1875

So that's simple interest. No need for anything else.