Question

Find the simple interest: Principal: $3020 Interest Rate: 5% Time: 6 months​

Answer 1

Answer:

A = $3094.58

General Formulas and Concepts:

Pre-Algebra

• Order of Operations: BPEMDAS

Algebra I

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:

Step 1: Define variables

A = ?

P = 3020

r = 0.05

t = 6 months = 0.5 years

Step 2: Solve for A

1. Substitute:                    A = 3020(1 + 0.05)^0.5
2. Add:                              A = 3020(1.05)^0.5
3. Evaluate:                       A = 3020(1.0247)
4. Multiply:                        A = 3094.58

And we have our final answer!