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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Is the given rate per annum, and how often is it compounded?
Originally Posted by MarkFL2 Is the given rate per annum, and how often is it compounded? it is said that the interest due is 177.19 ... i only would like to know how it was being done.. thanks
I would guess the interest rate is % and is compounded semi-annually.
Last edited by MarkFL; Sep 15th 2012 at 06:12 AM.
where did you get 6.384% ?
I misread your amount of interest...
To compute the amount of interest due, use:
where: P = principal r = annual interest rate n = number of compounding periods per year t = number of years
3500 * .0675 * 9/12 = 177.1875
So that's simple interest. No need for anything else.