## Basic College Mathematics (9th Edition)

Published by Pearson

# Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises: 32

$7942 #### Work Step by Step We can calculate simple interest on a loan by using the formula$I=prt$(where I is the interest, p is the principal, r is the rate of interest, and t is the amount of time - expressed in years).$r=4.5$%$=4.5\div100=.045t=1I=prtI=7600\times.045\times1=342$dollars Finally, we can find the amount due by adding the interest to the original principal.$7600+342=7942\$ dollars

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