What would be the total amount after adding 8% interest for 3 months of $6,000.00?

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What would be the total amount after adding 8% interest for 3 months of $6,000.00?

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Answer 1 · 2017-07-23T21:55:04

See below

$i = $ 120$ $i=$120$

Total = $$ 6, 120$ $$6,120$

Explanation:

Use the formula $P r t = i$ $Prt=i" "$

where $P = principle (6000)$ $P= " principle" (6000)$
$r = rate$ $r= " rate"$ - as a decimal $(0.08)$ $(0.08)$ ,
$t = time in years (\frac{3}{12} or \frac{1}{4})$ $t= " time in years " (3/12 or 1/4)$
$i = interest earned$ $i= " interest earned "$

$P r t = i 6000 \cdot 0.08 \cdot 0.25 = i$ $Prt=i" "6000*0.08*0.25=i$

$i = $ 120$ $i=$120$

For the total, add on the $$ 6, 000$ $$6,000$

Answer 2 · 2017-07-28T08:26:52

Total Amount = $$ 6000 + $ 120 = $ 6, 120$ $$6000+$120 = $6,120$

Explanation:

You can work with the $%$ $%$ as being over $100$ $100$

$S I = \frac{P R T}{100}$ $SI = (PRT)/100$

Note that the time, $(T)$ $(T)$ , is given as years.
Dividing months by $12$ $12$ indicates years: $3$ $3$ months = $\frac{3}{12}$ $3/12$ years

$S I = \frac{6000 \times 8 \times 3}{100 \times 12}$ $SI = (6000xx8xx3)/(" "100xx12)$

Easy cancelling gives the following:

$SI = (cancel60^5cancel(00)xx8xx3)/(cancel(100)xxcancel12)$

$SI = $120$

For the total amount we have to include the original $$6,000$ as well.

Total Amount = $$6000+$120 = $6,120$

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What would be the total amount after adding 8% interest for 3 months of $6,000.00?

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