Question

Calculate the interest .1= PRT, principal =$1000,rate=6% time =2 years

Answer 1

To calculate interest with a principal of $1000, a rate of 6%, and a time of 2 years, the formula I = PRT becomes $1000 × 0.06 × 2, resulting in an interest of $120.

Step-by-step explanation:

To calculate the interest using the formula I = PRT (Interest equals Principal times Rate times Time), where the principal is $1000, rate is 6%, and time is 2 years, follow these steps:

1. 
   
3. Convert the rate from a percentage to a decimal by dividing by 100: 6% ÷ 100 = 0.06.
4. 
   
6. Multiply the principal ($1000) by the decimal rate (0.06).
7. 
   
9. Multiply the result from step 2 by the time in years (2).
10. 
    
12. The calculation is $1000 × 0.06 × 2.
13. 
    
15. So the interest earned over 2 years is $120.

The formula Principal + (principal × rate × time) is a general expression for finding the total amount after interest is applied, but in this case, we only need to find the interest earned.