Prealgebra (7th Edition)

Published by Pearson
ISBN 10: 0321955048
ISBN 13: 978-0-32195-504-3

Chapter 7 - Section 7.6 - Percent and Problem Solving: Interest - Exercise Set: 10

Answer

150 dollars

Work Step by Step

I=PRT Let P=1000dollars , R=10% ,T = 18 months 18 months =$\frac{18}{12}$year=$\frac{3}{2}$ I=1000 $\times$10% $\times$ $\frac{3}{2}$ Write 10% as a decimal I = 1000$\times$0.10$\times$ $\frac{3}{2}$ Multiply I= 100$\times$$\frac{3}{2}$ = $\frac{300}{2}$ =150 The simple interest is 150 dollars.
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