Thinking Mathematically (6th Edition)

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



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: $I=\$7000(5\%)(1) \\I=\$7000(0.05)(1) \\I=\$350$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.