Have no clue wut to do, plz help MATH PROBLEMS?

the formula for a savings account after adding interest is B=P(1+RT) B is the amount in the account, P is the amount invested, R is the interest rate, T is the time (in years) you have 1000 to put into an account for 5 years.

heres the formula

1000+5000x

x= the interest rate.

PLEASE GIVE ME THE ANSWR AND SHOW ME HOW YOU DID IT, THX

1. if a bank offers a 3% interest rate, how much will your balance be in 5 yrs?

2. a saving and loan claims that $1000 will grow to $1200 in 5 yrs. What is thier interest rate?

3. Another back offers 5% interest rate. how much will your balance be at the end of 5 yrs?

4. if the balance was 1350 at the end of 5yrs, what was the interest rate?

Have no clue wut to do, plz help MATH PROBLEMS?online loan

Balance = Principal (1 + Rate * Time)

Your interest rate has to be converted to a decimal each time. Just remember that part and you should be ok. So 5% for example is actually .05 when you plug it into the formula.

I assumed your Prinicipal (P) was $1000 cause that%26#039;s what seemed to work the best with all of the questions. If that is incorrect, then you%26#039;ll need to rework the problems with the correct P.

1. 1000 (1 + (.03)(5) ) = 1000 (1.15) = $1150 = B

2. 1200 = 1000 ( 1 + R (5)) Distribute the 1000

1200 = 1000 + 5000R Subtract 1000

200 = 5000R Divide by 5000

R = .04 or 4%

3. B = 1000 (1 + .05(5)) Evaluate the expression to get

1000 (1.25)

$1250

4. 1350 = 1000 (1 + R (5)) Distribute (because I don%26#039;t like to work with decimals until the end... otherwise you can divide by 1000 first)

1350 = 1000 +5000R Subtract 1000

350 = 5000R Divide by 5000

R = .07 or 7%

That%26#039;s it.