Question

Find the interest on the following loan.$1750 at 3.5% for 3 months

Answer 1

`I\text{ = prt}`

where

p = principal

r = rate

t = time

Principal is the amount of money invested for a period of t years with an interest rate r

`\begin{gathered} p\text{ = \$175}0 \\ r\text{ = }(3.5)/(100)\text{ = }0.035\text{ } \\ t\text{ = }(3)/(12)\text{ = }(1)/(4) \end{gathered}`
`\begin{gathered} I\text{ = 1750 }*\text{ 0.035 }*\text{ }0.25 \\ I\text{ = \$ }15.3125 \end{gathered}`