Question

Directions: Complete the table

(simple interest= p XiXt)
INTEREST that you will have to pay.
COMPLETE THE TABLE AND ANSWER THE
QUESTION
YEAR 1:
YEAR 2:
YEAR 3:
YEAR 4:
YEAR 5:
YEAR 6:

If you borrow $675 for six years at a simple
interest rate of 10%, how much interest will
you pay?

Answer 1

The formula for simple interest is

I = Pnr

I = interest

P = principle amount = $675

n = number of years = 6

r = rate of interest = 1% = 0.01

So, I = 675*6*0.1 = 405

so your Interest will be $405 after 6 years.

Explanation: