Hi,
We are in Grade 6 math....my problem is trying to figure out how to calculate interest for part of a year by expressing months as a fraction of a year.
The formula is :
interest = principal x rate x time
example:
$500 x 0.09 x 1/4
$500 x 0.09 = $45.00 then we get stuck
the example tells the answer is $11.25 but I can't figure out what to do with the 1/4 to get that answer
Please help!!
Thanks
We are in Grade 6 math....my problem is trying to figure out how to calculate interest for part of a year by expressing months as a fraction of a year.
The formula is :
interest = principal x rate x time
example:
$500 x 0.09 x 1/4
$500 x 0.09 = $45.00 then we get stuck
the example tells the answer is $11.25 but I can't figure out what to do with the 1/4 to get that answer
Please help!!
Thanks