Suggested languages for you:

Americas

Europe

Q13.

Expert-verified
Found in: Page 9

### Algebra 2

Book edition Middle English Edition
Author(s) Carter
Pages 804 pages
ISBN 9780079039903

# Use the following information.Simple interest is calculated using the formula $I=prt$, where $p$ represents the principal in dollars, $r$ represents the annual interest rate, and $t$ represents the time in years. Find the simple interest $I$ given each of the following values.13. $p=1800,r=6%,t=4years$

Simple interest is $I=432$

See the step by step solution

## Step 1 - Meaning of given formula I=prt

$prt$ implies product of principle value, annual interest rate and time

So, interest rate can be evaluated by multiplying these three values

## Step 2 - Substitute given values

Substitute $1800$for p, $6%$for r and 4 for t into given expression

$I=1800×6%×4$

## Step 3 - Simplify 1800×6%×4

Substitute $\frac{6}{100}$ for $6%$

$\begin{array}{c}I=1800×\frac{6}{100}×4\\ =\frac{43200}{100}\\ =432\end{array}$

Thus, simple interest is $I=432$