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3 years ago

How much is the interest on my loan?

Mathematics

1 answer:

kirill [66]3 years ago

4 0

Answer: The interest is: " $ 64 .00 " .

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Step-by-step explanation:

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Take note of the formula:

" Ⅰ = Prt " ;

→ that is:

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→ " Ⅰ = P * r * t " ;

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In which:

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" Ⅰ = the interest " ;

" P = the Principal amount of money " ;

" r = rate " (expressed as the "decimal form" of the percentage) ;

" t = time " (in years) ;

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We are given:

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P = $400 ;

r = 0.08 ;

{<u>Note of interest</u>: That is " 8% " ; since "8 % " = "(8/100)" ;

= "(8 ÷ 100)"

= " 0.08 ".}.

t = 2 ; {that would represent: " 2 (two) years".}.

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We are to solve for "Ⅰ" ; the amount of "Ⅰnterest" :

→ To solve for "Ⅰ " ; we plug in our given values; and calculate:

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→ Ⅰ = P * r * t ;

= 400 * 0.08 * 2 ;

= 64 .

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→ Ⅰ = $ 64.00 .

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Hope this is helpful to you!

Best wishes!

_____________

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More can be learned about values of expressions at brainly.com/question/625174

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