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

2 Answers
Jul 23, 2017

See below

#i=$120#

Total = #$6,120#

Explanation:

Use the formula #Prt=i" "#

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

#Prt=i" "6000*0.08*0.25=i#

#i=$120#

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

Jul 28, 2017

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

Explanation:

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

#SI = (PRT)/100#

Note that the time, #(T)#, is given as years.
Dividing months by #12# indicates years: #3# months =#3/12# years

#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#