homieGdogfizz homieGdogfizz

23-05-2018
Mathematics

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What is the total amount and the amount of interest earned on $6,500 at 6% for 25 years?

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TheBreeze TheBreeze

23-05-2018

Here's the equation for one year:
0.06(6500) + 6500
But because it is 25 years:
25(0.06(6500)) + 6500
1.5(6500) + 6500
We can make it simpler:
2.5(6500)
The total amount is $16350

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