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Chapter 1: Q14. (page 9)

Use the following information.

Simple interest is calculated using the formula I=prt, where prepresents the principal in dollars, rrepresents the annual interest rate, and trepresents the time in years. Find the simple interest Igiven each of the following values.

p=$5000,r=3.75%,t=10years

Short Answer

Expert verified

Simple interest is I=$1875

Step by step solution

01

- Meaning of given formula I=prt

prtimplies product of principle value, annual interest rate and time

So, interest rate can be evaluated by multiplying these three values

02

- Substitute given values

Substitute $5000 for p,3.75% for r and 10 for t into given expression

I=5000脳3.75%脳10

03

- Simplify 5000×3.75%×10

Substitute3.75100 for 3.75%

I=5000脳3.75100脳10=187500100=1875

Thus, simple interest is I=$1875

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