Answer:
Please check the explanation.
Explanation:
Using the formula
I = Prt
here
P = The principle
t = Time in years
I = Simple interest
r = Annual interest rate
Let us fill the table using the formula:
I = Prt
ROW ONE:
Given
P = $100
r = 5% = 0.05
t = 3
Determine:
I = ?
Using the formula
I = Prt
I = 100 × 0.05 × 3
I = $15
ROW TWO:
Given
P = $500
r = 4% = 0.04
I = $20
Determine:
t = ?
Using the formula
I = Prt
20 = Prt
20 = 500 × 0.04 × t
t = 20 / (500 × 0.04)
t = 20 / 20
t = 1 year
ROW THREE:
Given
t = 7
r = 10% = 0.1
I = $35
Determine:
P = ?
Using the formula
I = Prt
35 = P(0.1) (7)
P = 35 / (0.1×7)
P = $50
ROW FOUR:
Given
P = $200
t = 2 years
I = $6
Determine:
r = ?
Using the formula
I = Prt
6 = 200 × r × 2
r = 6 / (200×2)
r = 6 / 400
t = 0.015
t = 1.5% ∵ 1.5% = 0.015