Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - Chapter 4 Review Problem Set: 37

Answer

367.5 dollars of interest is due.

Work Step by Step

The interest formula is: interest due = principal $\times$ yearly rate of return $\times$ time in years. This formula can be written as i = P $\times$ r $\times$ t. P = 3500 r = 5.25% t = 2 Substitute these values into the formula to find out how much interest is due. i = 3500 $\times$ 5.25% $\times$ 2 i = 3500 $\times$ 0.0525 $\times$ 2 i = 367.5 367.5 dollars of interest is due.
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