Question

I need to use the simple interest formula I = Prt and elementary algebra to find the missing quantities in this table.

Answer 1

Given:

P=$100, r =11 % and t=2 years.

Required:

We need to find simple interest.

Step-by-step explanation:

`r=11\text{ \%=}(11)/(100)=0.11`

Consider the simple interest formula.

`I=Prt`

Substitute P=100, r =0.11, and t =2 in the formula.

`I=100*0.11*2`
`I=\text{ \$}22`

Final answer:

`I=\text{ \$}22`