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Q13.

Expert-verifiedFound in: Page 9

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 $I=\$432$

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

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

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

$I=1800\times 6\%\times 4$

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

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

Thus, simple interest is $I=\$432$

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