Homework Answers
| 1 | Simple Interest = | P x I x N | |
| P = Principle | |||
| I = daily Interest Rate | |||
| N = number of days between payments | |||
| 120 = 5,000 x I x 1/2 | |||
| So, I = 0.048 i.e. 4.80% | |||
| 2 | |||
| A = P(1 + rt) | |||
| 9,009 = P(1 + 0.06 x 1/2) | |||
| 9,009 = P(1 + 0.03) | |||
| P = 8,746.60 | |||
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