2) Answer: I = $ 10.56
Equation:
I = Prt
Calculation:
First, converting R percent to r a decimal
r = R/100 = 0.6%/100 = 0.006 per year,
then, solving our equation
I = 440 × 0.006 × 4 = 10.56
I = $ 10.56
The simple interest accumulated
on a principal of $ 440.00
at a rate of 0.6% per year
for 4 years is $ 10.56.
4) Answer: I = $ 0.63
Equation:
I = Prt
Calculation:
First, converting R percent to r a decimal
r = R/100 = 0.7%/100 = 0.007 per year,
putting time into years for simplicity,
3 months ÷ 12 months/year = 0.25 years,
then, solving our equation
I = 360 × 0.007 × 0.25 = 0.63
I = $ 0.63
The simple interest accumulated
on a principal of $ 360.00
at a rate of 0.7% per year
for 0.25 years (3 months) is $ 0.63.
8) Answer: I = $ 990.00
Equation:
I = Prt
Calculation:
First, converting R percent to r a decimal
r = R/100 = 9%/100 = 0.09 per year,
then, solving our equation
I = 1000 × 0.09 × 11 = 990
I = $ 990.00
The simple interest accumulated
on a principal of $ 1,000.00
at a rate of 9% per year
for 11 years is $ 990.00.
