Question

FAY BORROWED $900.00 AT 10% SIMPLE INTEREST FOR 7 YEARS USING THE FORMULA PRT- HOW MUCH INTEREST WAS SHE CHARGED?

Answer 1

$630

Explanation:

So first of all you want to start by finding what P, r and t would be.

• P = Principal amount ($$)
• r = interest rate (%)
• t = time (years)

Once I found all of those I put them into the equation (l = Prt) and solved (by putting it into a calculator obviously). That is how I came up with my answer. Check the screenshot provided to see what P, r and t would be and to see all my work! :)

Hope this helps! :)

Have a great day!

Answer 2

Interest = $ 630

Analysis:

We can use the formula PRT

Interest: P*R*T

Interest= Principal*rate of interest in decimal*time

Let's apply this in the exercise.

`\begin{gathered} I=900\ast0.1\ast7 \\ I=90\ast7=630\text{ } \end{gathered}`