anonymous
  • anonymous
Ponce Leon has a principal of $900 in his savings account on October 1. The money earns an APR of 6.5% calculated quarterly as simple interest. What is the amount in the account on July 1 of the following year?
Mathematics
katieb
  • katieb
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Mertsj
  • Mertsj
I=Prt I=900(.065)(.25)=$14.625 900 + 14.625=$914.625 is what he has at the end of December
Mertsj
  • Mertsj
Calculate the interest on that amount for Jan, Feb, and March: I=914.625(.065)(.25)=$14.863 Add the interest to the principal: 914.625 +15.863=$929.488 Now you do it one more time for April, May, and June.

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