An investment of $1500 paid interest of $45 during a certain period. How much interest would an investment of $2000 invested at the same rate for the same length of time pay?
Looks as if you need to find the percentage that 45 is of 1500. (the interest) To do that, you would set up an equation and enter in the numbers like this: part percentage ------- = ---------- whole 100 Once you find the percentage, apply it to the $2000. I suck when it comes to math, so I may just be full of crap. (by the way, I did it and came out with 3%)
my opinion is that that is too simple of an answer. because it's interest, it's weird. like, 1000 + 10% interest yearly, done yearly is $1100. then next year it's $1210 and it keeps going up. if it's done montly i believe it's 10/12(months) = .83%, done each month. so guessing, $1000 + 10% apr compounded monthly might be $1104.28 (eh, close enough). they make more money that way. credit cards do it daily, so they squeeze every last cent out of you.
after re-reading the question i think i overthunk it and the answer is 60. oops :P
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To do that, you would set up an equation and enter in the numbers like this:
part percentage
------- = ----------
whole 100
Once you find the percentage, apply it to the $2000.
I suck when it comes to math, so I may just be full of crap.
(by the way, I did it and came out with 3%)
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after re-reading the question i think i overthunk it and the answer is 60. oops :P
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