Question

Use the simple interest formula to determine the missing value. p $2,500, r t 6 years, i- $840 (Do not round until the final answer. Then round to one decimal place as needed

Answer 1

Data:
P (Principal) = $2500
I (Simple Interest) = $840
t (time) = 6 years
r (percentage rate) = ?

Formula:

`I = P*r*t`

Solving:

`I = P*r*t`

`840 = 2500*r*6`

`840 = 15000r`

`15000r = 840`

`r = (840)/(15000)`

`r = 0.056\to\:\boxed{\boxed{r =5.6\%}}\end{array}}\qquad\quad\checkmark`

Answer 2

I=PRT
840=2500*6*?
840=15000?
divide both sides by 15000
0.056=?
conver to percent
5.6% is the interest