esraashadiidries esraashadiidries

20-09-2022
Mathematics

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Use the formula for simple interest, I=Prt, to find the indicated quantity. I=$28; r=8%; t=3 months; P=?

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jimthompson5910 jimthompson5910

20-09-2022

Answer: P = $1400

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Work Shown:

i = 28

r = 8% = 0.08

t = 3 months = (3/12) year = 0.25 year

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i = P*r*t

28 = P*0.08*0.25

28 = P*0.02

P = 28/0.02

P = 1400

Side notes:

always use the decimal form of r
The value of t is in years because of the annual interest rate

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