alculate the amount of interest on $2,000.00 for 4 years, compounding daily at 2.25 % APR. From the Monthly Interest Table use $1.094171 in interest for each $1.00 invested

Question and answer

Question|Rated bad

Asked 10/19/2009 12:22:03 PM

Updated 7/6/2023 12:19:42 PM

1 Answer/Comment

Get an answer

Search for an answer or ask Weegy.

Original conversation

User: alculate the amount of interest on $2,000.00 for 4 years, compounding daily at 2.25 % APR. From the Monthly Interest Table use $1.094171 in interest for each $1.00 invested

Weegy: one moment
Expert answered|mrsweldy|Points 55|

User: alculate the amount of interest on $2,000.00 for 4 years, compounding daily at 2.25 % APR. From the Monthly Interest Table use $1.094171 in interest for each $1.00 invested

Question|Rated bad

Asked 10/19/2009 12:22:03 PM

Updated 7/6/2023 12:19:42 PM

1 Answer/Comment

New answers

Rating

Ishm

To calculate the amount of interest on $2,000.00 for 4 years, we need to use the given interest rate or APR (Annual Percentage Rate) and the compounding period.

Simple Interest:
If the interest is calculated using simple interest, the formula to calculate the interest is:
Interest = Principal × Rate × Time

In this case, the principal is $2,000.00, the time is 4 years, and the rate is not provided. Please provide the rate so that I can calculate the simple interest.

Compound Interest:
If the interest is compounded daily at an APR of 2.25%, we can use the compound interest formula:
Compound Interest = Principal × (1 + Rate/365)^(365 × Time)

In this case, the principal is $2,000.00, the time is 4 years, and the rate is 2.25% or 0.0225.

Let's calculate the compound interest:

Compound Interest = $2,000.00 × (1 + 0.0225/365)^(365 × 4)
Compound Interest = $2,000.00 × (1 + 0.00006164)^(1,460)
Compound Interest $2,000.00 × (1.00006164)^(1,460)
Compound Interest $2,000.00 × 1.094171

Using the given information from the Monthly Interest Table, we find that the interest for each $1.00 invested is $1.094171.

Therefore, the approximate amount of interest on $2,000.00 for 4 years, compounding daily at 2.25% APR, is:

Interest $2,000.00 × 1.094171
Interest $2,188.34

The amount of interest is approximately $2,188.34.

Added 7/6/2023 12:19:42 PM

This answer has been confirmed as correct and helpful.

Comments

There are no comments.

Add an answer or comment

Questions asked by the same visitor

Find the average of the following salaries: $28,000.00, $29.000.00, $32,000.00, and $33,000.00.

Weegy: $28,000.00 + $29.000.00 + $32,000.00 + $33,000.00 = $122,000.00; $122,000/4 = $30,500.00 The average salary is $30,500.00 User: Find the average of the following salaries: $52,500.00, $53,500.00 $55,500.00, $56,500.00 Choose the best answer from the options below (More)

Question

Expert Answered

Updated 8/7/2014 9:58:43 AM

1 Answer/Comment

janezeshun

Find the average of the following salaries: $52,500.00, $53,500.00 $55,500.00, $56,500.00 is $ 54500.00.
($52,500.00+ $53,500.00+ $55,500.00+$56,500.00 )/4
=$218000.00/4
=$54500.00

Added 8/7/2014 12:15:17 AM

This answer has been confirmed as correct and helpful.

Confirmed by andrewpallarca [8/7/2014 9:59:32 AM], Rated good by andrewpallarca

You are paying $1,175.00 a month for rent and you earn $42,500.00. What percent of your income are you spending for rent?

Weegy: you are paying approximately User: Four door sedan–base price of $14,999.00 Options– $275 — $775---- $1195 Destination charge — $275 Weegy: 17519 (More)

Question

Expert Answered

Updated 3/28/2024 8:23:54 AM

2 Answers/Comments

TAKOYACOKE-_-00

Solution:
(1175*12)/42500 * 100 = 33.18% of your income on rent.

Added 3/28/2024 8:21:57 AM

This answer has been confirmed as correct and helpful.

TAKOYACOKE-_-00

Solution:
Base price: $14,999.00
Options: $275 + $775 + $1195 = $2245
Destination charge: $275

Total cost = Base price + Options + Destination charge
Total cost = $14,999.00 + $2245 + $275 = $17,519.00

So, the total cost of the sedan with options and destination charge included is $17,519.00.

Added 3/28/2024 8:23:54 AM

This answer has been confirmed as correct and helpful.

A health plan costs $10,098.00. Employer pays 80 % of the cost. What percent do you pay?

Weegy: 2019.60 User: A health plan costs $6,166.00 . Your employer pays 60 % of the cost. How much does the plan cost you? Weegy: 2466.40 (More)

Question

Expert Answered

Updated 15 days ago|11/20/2025 12:29:50 PM

2 Answers/Comments

cruz30

Total health plan cost = $10,098.00
Employer pays 80%
Employer’s contribution
10,098 × 0.80 = 8,078.40
Your contribution
10,098 - 8,078.40 = 2,019.60
Percent you pay
(2,019.60 / 10,098) × 100 =20%
Answer: You pay 20% of the cost

Added 15 days ago|11/20/2025 12:29:02 PM

This answer has been confirmed as correct and helpful.

cruz30

Total health plan cost = $6,166.00
Employer pays 60%
Employer’s contribution
6,166 × 0.60 = 3,699.60
Your contribution
6,166 - 3,699.60 = 2,466.40
Answer: The plan costs you $2,466.40

Added 15 days ago|11/20/2025 12:29:50 PM

This answer has been confirmed as correct and helpful.

A health plan costs $6,166.00 . Your employer pays 60 % of the cost. How much does the plan cost you?

Weegy: If a health plan costs $6,166 and your employee pays 60% of the cost, the plan would cost you $3,699. User: A health plan costs you $2466.40 a year; what should you budget / or pay every month for this health plan? Weegy: You should think approximately 206.00 a month (More)

Question

Expert Answered

Updated 15 days ago|11/20/2025 12:31:03 PM

2 Answers/Comments

cruz30

Total health plan cost = $6,166.00
Employer pays 60%
Employer’s contribution
6,166 × 0.60 = 3,699.60
Your contribution
6,166 - 3,699.60 = 2,466.40
Answer: The plan costs you $2,466.40

Added 15 days ago|11/20/2025 12:30:12 PM

This answer has been confirmed as correct and helpful.

cruz30

Annual health plan cost = $2,466.40
Monthly cost = 2,466.40 ÷ 12 = 205.53
Answer: You should budget/pay $205.53 per month

Added 15 days ago|11/20/2025 12:31:03 PM

This answer has been confirmed as correct and helpful.

You purchase 10,000 shares of a stock for $0.85 a share. One year later it is worth $0.95 a share. Find the percent of increase.

Weegy: 11.7 (More)

Question

Expert Answered

Updated 170 days ago|6/18/2025 8:43:02 AM

1 Answer/Comment