Question

Using the formula for simple interest and the given values, find I. P = $300; r = 9%;t=6 years; I = ? 1 = $

Answer 1

The interest is $162.

Explanation:

Given : P = $300; r = 9%; t=6 years.

To find : Using the formula for simple interest find the value of I?

Solution :

The simple interest formula is given by,

`I=P* r * t`

Where, P is the principal P=$300

r is the interest rate r=9%=0.09

t is the time t=6 years

Substitute the value in the formula,

`I=300* 0.09* 6`

`I=\$162`

Therefore, The interest is $162.