Simple Interest Question i think (1 Viewer)

[TBK11]

hey im stuck on this question its revision from last yr but i got no idea how to do it i think its simple interest
ty in advance/

 

[PC]

You'll have trouble with this question because if the amount is invested for only 7 months, then according to the table you'll only get interest at a rate of 2% p.a., not 3.5% p.a.

Maybe the table isn't used at all.

I = Prn
= 75000 x 0.035 x 7/12
= $1531.25
.: Total amount on maturity = 75000 + 1531.25 = $76531.25

 

[TBK11]

ehh would it be simple interest or compound interest baa dam this revison sheet but ty pc

 

[studentcheese]

If you were not given the table, it would be compound interest.