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

User Papa John
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1 Answer

23 votes
23 votes

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

User Theodosia
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