Hi! this is Greg and I need some help with my Math Assignment. For this Assignment I have to explain and solve the Math. Thank so much!
Here is what I got so far, please let me know if I am right about this:
1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-president for finance decided to invest $2,000,000 in a 2-month investment that pays 11.5% simple interest. How much interest will the college earn on the investment? (15 points)
Interest = P x R x T
P= $2,000,000
R= 11.5%, or .115
T=
2 months
12 months
I= $ 2,000,000 x .115 x
2
12
I= $460,000
<==== This is not the solution to the above equation.
2. Barney Casey borrowed $40,000 from his parents for 2 years. He paid them a total of $45,000 at the end of the 2-year term of the simple interest loan. What rate of interest did he pay his parents? (15 points)
R =
I =
$45,000 =
$45,000 = .5625
<==== I = $5000, not $45,000.
PT $40,000(2) $80,000
Now, do the math.
3. Sarai Sherman agreed to deposit $4,450 in an account paying 16% simple interest per year for 60 days. If she made the deposit on February 25, determine (a) the date of the end of the term of the investment, and (b) the ordinary interest Sarai will earn. (15 points)
T=
number of days/365
I= PRT