MM212 Money, Money, Money Unit 5 Discussion
Money, Money, Money
The simple interest formula is a linear equation. If you know two of the three variables, you can solve for the other variable. Start with a current loan or savings account.
Interest = Prt, where:
P = principal ($)
r = interest rate (in decimal form)
t = time (in years)
And then your current balance is A:
A = P + Prt
Post 1: Initial Thread
Choose a dollar amount, A, to be the balance of your loan or savings account that you want to have earned (savings) or to owe (loan). Then choose values for two of the three variables. Choose one of the following:
- Set your principal and time, then you can solve for the rate.
- Set your rate and time, then you can solve for principal.
- Set your principal and rate, then you can solve for time.
a) State your dollar amount chosen for A, your known variables (principal, rate, and/or time), and the variable you will be solving for.
b) State the linear equation you will solve. Solve your equation and show your work step by step.
c) Does your solution seem reasonable? Explain.
MM212 Money, Money, Money Unit 5 Discussion Answer
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