Question

Using the formula for simple interest and the given values, find I.P = $200; r = 9%; t = 3 years; I = ?

Answer 1

Step 1:

Write interest (I) formula

`\begin{gathered} I\text{ = }(Prt)/(100) \\ P\text{ = principal = \$200} \\ \text{r = rate = 9\%} \\ t\text{ = time = 3 years} \end{gathered}`

Step 2

`\begin{gathered} \text{I = }\frac{200\text{ }*\text{ 9 }*\text{ 3}}{100} \\ I\text{ = \$54} \end{gathered}`

Final answer

I = $54