Answer:
$167.08
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 9.63%/100 = 0.0963 per year,
then, solving our equation
I = 347 × 0.0963 × 5 = 167.0805
I = $ 167.08
The simple interest accumulated
on a principal of $ 347.00
at a rate of 9.63% per year
for 5 years is $ 167.08.
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Answer:
30
Step-by-step explanation:
Given:
Rate of simple interest = 5%
Time = 4 years
Total interest = $160
To find:
The amount borrowed by Austin from a credit union.
Solution:
The formula for simple interest is:

Where, P is principal, r is the rate of interest and t is the number of years.
Putting
in the above formula, we get



Multiply both sides by 5.

Therefore, Austin borrowed $800 from a credit union for 4 years.