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anonymous

  • 5 years ago

My name is John. I have never been here before. I am having trouble understanding a sample problem provided in my text. It explains calculating the Rate in a simple interest problem.

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  1. anonymous
    • 5 years ago
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    I attached an image of my issue

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  2. anonymous
    • 5 years ago
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    my first issue is... isn't the formula upside down? my second issue is... where are the decimal places coming from?

  3. anonymous
    • 5 years ago
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    I thought it was Interest over Principal X Time And I thought 1750 X 5 was 8,750

  4. anonymous
    • 5 years ago
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    ok, first of all, you should understand how the simple interest formula works. it goes like this: I=P*R*T when I is the interest you get after you inverst amount P at a rate R (rate can be found by dividing the percentage by 100) for time T in years. so..

  5. anonymous
    • 5 years ago
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    you can rearange the formula, to find rate like this: I=P*R*T R=I/(PT)

  6. anonymous
    • 5 years ago
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    because you divide both sides of I=PRT by PT

  7. anonymous
    • 5 years ago
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    get it?

  8. anonymous
    • 5 years ago
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    I get it but it reads R=(PT)/I

  9. anonymous
    • 5 years ago
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    or am i just not inturpriting it right?

  10. anonymous
    • 5 years ago
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    the formula is wrong in your example it should by R=I/(PT)

  11. anonymous
    • 5 years ago
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    and what about the 1750 X 5 = 87.50?

  12. anonymous
    • 5 years ago
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    the rest is correct, it is just that the formula is wrong, but the final answer is correct

  13. anonymous
    • 5 years ago
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    i realize the final answer was correct by using an online calculator :) AND I think they worked it out using the correct formula. I just don't understand some if there math

  14. anonymous
    • 5 years ago
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    I don't understand how 1750 * 2 1/2 = 87.5

  15. anonymous
    • 5 years ago
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    oops, i ment 3500 * 2 1/2 = 87.5

  16. anonymous
    • 5 years ago
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    well, the way these guys wrote it in that paper is completely nonsensical, so just delete it because the method of solving there is wrong and confusing

  17. anonymous
    • 5 years ago
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    you should get some trustworthy questions, not stuff like that

  18. amistre64
    • 5 years ago
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    simple interest is calculated at: I = Prt

  19. anonymous
    • 5 years ago
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    Ok, thats what I needed to here :) This was provided to me by an online government career development program. Where is your "Thumbs up" button?

  20. anonymous
    • 5 years ago
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    amistre, I already covered that abouve

  21. amistre64
    • 5 years ago
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    ...but..but... it so far up there......

  22. anonymous
    • 5 years ago
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    it is near my name

  23. anonymous
    • 5 years ago
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    =D LOL

  24. anonymous
    • 5 years ago
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    by chance do you have a short explanation why this formula assumes 360 days in a year instead of 365?

  25. anonymous
    • 5 years ago
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    it does not

  26. amistre64
    • 5 years ago
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    accountants cant count? :)

  27. anonymous
    • 5 years ago
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    i used the word formula for lack of better term maybe i should have said concept

  28. amistre64
    • 5 years ago
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    it might have something to do with the Jewish culture, they started alot of this interest bearing stuff and they had 360 day years...

  29. anonymous
    • 5 years ago
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    but the simple interest formula assumes 365, I am certain

  30. anonymous
    • 5 years ago
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    they have provided me with more nonsense I assume :)

  31. anonymous
    • 5 years ago
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    sure they have, that example you showed was enough to prove that those guys are MORONS, who ever they are

  32. anonymous
    • 5 years ago
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    they translated 36 days as 36/360 for this formula

  33. anonymous
    • 5 years ago
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    if you are interested in learning maths fast, and in a fun way, I know a great site

  34. anonymous
    • 5 years ago
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    im interested in relearning math. I quit when I got to calculus years ago because I had poor trig skills

  35. anonymous
    • 5 years ago
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    http://www.khanacademy.org this is the site. IT IS 100% free, I LOVE IT. It covers everything from calculus to percentages to biology

  36. anonymous
    • 5 years ago
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    WATCH the intro vid

  37. anonymous
    • 5 years ago
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    you will get an idea how to use it

  38. anonymous
    • 5 years ago
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    http://www.khanacademy.org/#browse

  39. anonymous
    • 5 years ago
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    here is the list of topics, when you click on topics, you are directed to videos

  40. anonymous
    • 5 years ago
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    and above, the is a button practics, if you click on it you will be given some questions

  41. anonymous
    • 5 years ago
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    I love that its free. I paid $600 for this nonsense schooling :P

  42. anonymous
    • 5 years ago
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    well, just watch the intro video at the homepage of http://www.khanacademy.org/#browse

  43. amistre64
    • 5 years ago
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    Simple interest normally uses a 360-day year for simplicity, i.e., 30 day months. Interest calculated this way earns a little more than if using a 365-day year. Here is an example for a 90 day loan ... from google

  44. anonymous
    • 5 years ago
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    yea, but it depends on a problem and scenario, believe me, my text book uses 365

  45. anonymous
    • 5 years ago
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    I read banks use 360 and the federal reserve uses 365

  46. anonymous
    • 5 years ago
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    http://www.khanacademy.org/ this video intro is like 20 min, but it is cool, you will understand how the site works, it also has bill gate at the end :)

  47. anonymous
    • 5 years ago
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    So, again, where are these thumbs up fan buttons?

  48. amistre64
    • 5 years ago
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    just click"become a fan" next to the screen name its in blue

  49. anonymous
    • 5 years ago
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    it is the blue "Become a fan" button

  50. anonymous
    • 5 years ago
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    do you see it?

  51. anonymous
    • 5 years ago
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    Im gussing my adblocker is hiding it

  52. anonymous
    • 5 years ago
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    thats because you only have one post/question created, if you ask another question, the fan system should be unlocked for you

  53. anonymous
    • 5 years ago
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    but it is not a big deal anyways =D just a game :)

  54. anonymous
    • 5 years ago
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    is it inline on this page, or supposed to be in the info that appears on hover?

  55. anonymous
    • 5 years ago
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    Oh ok, odd says im a lifesaver?

  56. anonymous
    • 5 years ago
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    inline, and on the info, but as i have said, you have to have atleast a few questions. You are a lifesaver because I faned you :)

  57. anonymous
    • 5 years ago
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    today, yours should say sanity saver

  58. anonymous
    • 5 years ago
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    well, just use the http://www.khanacademy.org site to learn stuff, using those videos I learned calculus derivatives like in 2 hours

  59. anonymous
    • 5 years ago
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    it is simply cool, MILLIONS use it, just watch the intro vid, and you will be hooked

  60. anonymous
    • 5 years ago
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    all i remember about calculus is that they asked to find the rate of change between point A and point A, and when it wasn't 0 I was throughly confused :)

  61. anonymous
    • 5 years ago
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    I will defiantly check that site out, and will likely return here with questions. I will do my best to fan you when i'm allowed to. Thanks for your time and patience! See ya soon

  62. anonymous
    • 5 years ago
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    http://www.khanacademy.org/#Calculus

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