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Mrrafil [7]
3 years ago
13

Find the simple interest for a $3000 loan for 3 years at a rate of 5% (Formula: I=Prt)​

Mathematics
2 answers:
stiks02 [169]3 years ago
8 0

Answer:

$450

Step-by-step explanation:

Interest= 3000(5%)(3)= $450

Common mistake: Do not use 36 as the time period. Only use the number of years, it the number of months.

Verizon [17]3 years ago
6 0

To answer this, you use the formula I = Prt where

    I is the simple interest that builds

    P is the principal (AKA the amount invested/borrowed)

    r is the interest rate per year

    t is the lenght of the loan, in years.

In your situation:

    \begin{aligned}I &= (\$3000)(5 \%/\text{year})(3 \text{ years})\\[0.5em]&= (3000)(0.05)(3)\\[0.5em]&= 450\end{aligned}

This means there'd be $450 of simple interest due at the end of 3 years.

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