Answer
$I=\$350$
Work Step by Step
The formula for simple interest is:
$I=Prt$
where
P = principal amount borrowed
r = interest rate per year
t = time
Use the formula above to obtain:
$I=\$7000(5\%)(1)
\\I=\$7000(0.05)(1)
\\I=\$350$
Thinking Mathematically (6th Edition)
by Blitzer, Robert F.
Published by
Pearson
ISBN 10:
0321867327
ISBN 13:
978-0-32186-732-2
Chapter 8 - Personal Finance - 8.3 Simple Interest - Exercise Set 8.3 - Page 512: 2
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