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anonymous

  • one year ago

Marsha Waide borrows $7,500 and agrees to pay it back in 3 years. If the simple interest rate is 10% find the total amount she pays back

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  1. anonymous
    • one year ago
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    ok do you know the simple interest formula?

  2. anonymous
    • one year ago
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    no I dont

  3. anonymous
    • one year ago
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    ok the formula is I= PRT

  4. anonymous
    • one year ago
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    I equals the interest in money in dollars which we are trying to find correct?

  5. anonymous
    • one year ago
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    @tmunoz do u need help or not?

  6. anonymous
    • one year ago
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    yes please

  7. anonymous
    • one year ago
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    ok then follow along

  8. anonymous
    • one year ago
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    Ok so the p stands for the starting money based on the problem how much was that?

  9. anonymous
    • one year ago
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    @tmunoz hello?

  10. anonymous
    • one year ago
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    $7.500 right?

  11. anonymous
    • one year ago
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    yes correct but its a comma not a period. Ok so the next part of the equation is R which is the rate in years which is what based on the problem?

  12. anonymous
    • one year ago
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    3 years right?

  13. anonymous
    • one year ago
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    Good. and the last part is R( sorry in the last comment i meant to say T which stands for time) is the rate in decimal form

  14. anonymous
    • one year ago
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    10%

  15. anonymous
    • one year ago
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    yep now we have to put it in decimal form though... do you know hoe to make a percent a decimal?

  16. anonymous
    • one year ago
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    is it 0.1?

  17. anonymous
    • one year ago
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    Good! Alright so now we have all the parts to out equation... which is now 7,500 times 3 times 0.1... Multiply them all to find I or the interest rate

  18. anonymous
    • one year ago
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    the answer is 2,250

  19. anonymous
    • one year ago
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    got it thanks ;)

  20. anonymous
    • one year ago
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    no problem hope you understand now

  21. anwaarullah
    • one year ago
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    105 interest *3=30 %=.30 .30*7500=2250 p+i=total amount 2250+7500

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