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6 April, 19:13

The principal on Marcus' savings account is $4,500. The APR is 5.3%. What is the simple interest after 30 weeks?

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  1. 6 April, 19:33
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    The principal on Marcus’ savings account is said to be 4 500 dollars

    I think APR means annual percentage rate which is said to 5.3%.

    Now, the question is, what is the simple interest that Marcus will earn after 30 weeks?

    => 30 weeks is equals to 6 months approximately.

    Let’s solve first the annual interest

    => 4 500 dollars *.053 = 238.5 APR

    => 238.5 / 2 = 119.25

    Thus, marcus will earn 119.25 dollars interest in 30 weeks.
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