Question

P = $14,300 r = 7 1/2% t = 4 What is i? $4.29 $429.00 $4,290.00

Answer 1

Hi there
The formula is
I=prt
P principle 14300
R interest rate 7+1/2=7.5%
T time 4 years
I=14,300×0.075×4
I=4,290

Hope it helps

Answer 2

Value of I is $4290

Explanation:

We have been given that,

`P=\$14300\\r=7(1)/(2)=(15)/(2)\%=0.075\\t=4`

Formula for simple interest is given by

`I=Prt`

Plugging the known values

`I=14300\cdot0.075\cdot4`

On simplifying, we get

`I=\$4290`

Hence, value of I is $4290