Question

Find the balance of the account using the simple interest formula of I=Prt

$1400 at 1.25% simple interest for 6 months
Balance =

10 points PLEASE answer.

Answer 1

Given:

Principal = $1400

Simple rate of interest = 1.25%

Time = 6 month

To find:

The balance of the account after simple interest.

Solution:

The formula for simple interest is

`I=(P* r* t)/(100)`

Where, P is principal, r is the rate of interest in % and t is time in years.

Time = 6 months

=
`(6)/(12)` year

= 0.5 year

Putting 1400, r=1.25, t=0.5 years.

`I=(1400* 1.25* 0.5)/(100)`

`I=(875)/(100)`

`I=8.75`

Now, the amount is

`A=P+I`

`A=1400+8.75`

`A=1408.75`

Therefore, the balance of the account after the simple interest is $1408.75.