Find the simple interest: Principal: $3020 Interest Rate: 5% Time: 6 months
1 answer:
Answer:
A = $3094.58
General Formulas and Concepts:
<u>Pre-Algebra</u>
- Order of Operations: BPEMDAS
<u>Algebra I</u>
Simple Interest Rate Formula: A = P(1 + r)ⁿ
- A is the final amount
- P is the principal amount
- r is the rate
- n is the time (in years)
Step-by-step explanation:
<u>Step 1: Define variables</u>
A = ?
P = 3020
r = 0.05
t = 6 months = 0.5 years
<u>Step 2: Solve for </u><em><u>A</u></em>
- Substitute: A = 3020(1 + 0.05)^0.5
- Add: A = 3020(1.05)^0.5
- Evaluate: A = 3020(1.0247)
- Multiply: A = 3094.58
And we have our final answer!
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