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Intern
Joined: 25 Nov 2011
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How much interest will $10,000 earn in 9 months at an annual [#permalink]
 25 Nov 2011, 00:44
Question Stats:
0% (00:00) correct
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How much interest will $10,000 earn in 9 months at an annual rate of 6%?
9 months is 3/4 of an year , FINE , how is 6% = 3/50 ???
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Manager
Status: Essaying
Joined: 27 May 2010
Posts: 158
Location: Ghana
Concentration: Finance, Finance
GMAT 1: 690 Q47 V37
GPA: 3.9
WE: Accounting (Education)
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Re: HOW DO U DO INTEREST PROBLEMS [#permalink]
25 Nov 2011, 04:00
6% is 6/100
Divide by 2 and you get 3/50
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Re: HOW DO U DO INTEREST PROBLEMS [#permalink]
21 Jan 2012, 08:05
How do you compute the answer to this q? thanks
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Re: HOW DO U DO INTEREST PROBLEMS [#permalink]
21 Jan 2012, 10:03
karthiksms wrote: How do you compute the answer to this q? thanks Simple interest = principal * interest rate * time, where "principal" is the starting amount and "rate" is the interest rate at which the money grows per a given period of time (note: express the rate as a decimal in the formula). Time must be expressed in the same units used for time in the Rate. How much interest will $10,000 earn in 9 months at an annual rate of 6%?9 months = 3/4 of year; 6% = 6/100=3/50; $10,000(principal)*3/50(interest rate)*3/4(time)=$450. Check Percents chapter of Math Book for more on this topic: math-number-theory-percents-91708.htmlHope it helps.
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Re: HOW DO U DO INTEREST PROBLEMS
[#permalink]
21 Jan 2012, 10:03
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