Question

1. To determine simple interest, we use the formula i=prt where i is the interest, p is the principal or initial amount, r is the interst rate and t is the time. Sometimes it can be tricky to know what value to use when calculating t. A. What would you plug into the simple interest formula for t if you were given a time of 3 years? B. What would you plug into the simple interest formula for t if you were given a time of 4 months? C. What would you plug into the simple interest formula for t if you were given a time of 45 days?

Answer 1

Explanation:

To determine simple interest, we use the formula

`I=Prt`

where I is the interest, p is the principal or initial amount, r is the interest rate is in the unit of years and t is the time in years

When the times is 3 years , then we plug in 3 for 't' directly

`I=Pr(3)\\`

we know that 1 year = 12 months

Suppose, the time is given in months then we divide time 't' by 12

When the times is 4 months , then we plug in 4 for 't' and divide by 12

`I=(Pr(4))/(12)`

we know that 1 year = 365 days

Suppose, the time is given in days then we divide time 't' by 365

When the times is 45 days , then we plug in 45 for 't' and divide by 365

`I=(Pr(45))/(365)`