Elizabeth’s aunt started a college savings account for her with $6,000. What is the balance of the account after 5 years if the simple interest rate is 2.5%

6750

Step-by-step explanation:

simple interest = P×r%×t

P = $6000

r = 2.5%

t = 5 years

I = 6000 × 2.5/100 × 5

= 750

6000 + 750 = $6750

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.