Question

Find the simple interest on 7,200 at 3/4% for 5 years​

Answer 1

Answer:

$7474.08

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

1. Brackets
2. Parenthesis
3. Exponents
4. Multiplication
5. Division
6. Addition
7. Subtraction

• Left to Right

Algebra I

Simple Interest Rate Formula: $\displaystyle A = P(1 + r)^t$

• A is final amount
• P is principle (initial) amount
• r is rate
• t is time (in years)

Step-by-step explanation:

Step 1: Define

P = 7200

r = 0.75% = 0.0075

t = 5

Step 2: Solve for A

1. Substitute in variables [Simple Interest Rate Formula]:                               $\displaystyle A = 7200(1 + 0.0075)^5$
2. (Parenthesis) Add:                                                                                          $\displaystyle A = 7200(1.0075)^5$
3. Evaluate exponents:                                                                                       $\displaystyle A = 7200(1.03807)$
4. Multiply:                                                                                                           $\displaystyle A = 7474.08$