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solong [7]
3 years ago
8

Find the interest due on $1,090 at 8% for 5 years

Mathematics
2 answers:
Hitman42 [59]3 years ago
6 0

For this case, we will use the simple interest formula:

I = \frac {PRT} {100}

Where,

  • <em>P: Initial amount </em>
  • <em>R: rate </em>
  • <em>T: time in years </em>

Therefore, replacing values we have:

I = \frac {(1090) (8) (5)} {100}\\I = 436

Answer:

The simple interest is given by:

I = 436 $


WARRIOR [948]3 years ago
3 0
Simple interest = PRT/100 = 1090 x 8 x 5 / 100 = $436
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