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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- anonymous

- schrodinger

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- anonymous

ok do you know the simple interest formula?

- anonymous

no I dont

- anonymous

ok the formula is I= PRT

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- anonymous

I equals the interest in money in dollars which we are trying to find correct?

- anonymous

@tmunoz do u need help or not?

- anonymous

yes please

- anonymous

ok then follow along

- anonymous

Ok so the p stands for the starting money based on the problem how much was that?

- anonymous

@tmunoz hello?

- anonymous

$7.500 right?

- anonymous

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?

- anonymous

3 years right?

- anonymous

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

- anonymous

10%

- anonymous

yep now we have to put it in decimal form though... do you know hoe to make a percent a decimal?

- anonymous

is it 0.1?

- anonymous

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

- anonymous

the answer is 2,250

- anonymous

got it thanks ;)

- anonymous

no problem hope you understand now

- anwaarullah

105 interest *3=30 %=.30
.30*7500=2250
p+i=total amount
2250+7500

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