Question

I = prt ; p = $2,000, r = 3%, and t = 2 yr. Evaluate the following, using the given values.

HELP PLEASE

Answer 1

Explanation:

Answer:

I = $ 120.00

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year,

then, solving our equation

I = 2000 × 0.03 × 2 = 120

I = $ 120.00

The simple interest accumulated

on a principal of $ 2,000.00

at a rate of 3% per year

for 2 years is $ 120.00.