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ok do you know the simple interest formula?
no I dont
ok the formula is I= PRT
I equals the interest in money in dollars which we are trying to find correct?
@tmunoz do u need help or not?
ok then follow along
Ok so the p stands for the starting money based on the problem how much was that?
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?
3 years right?
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
yep now we have to put it in decimal form though... do you know hoe to make a percent a decimal?
is it 0.1?
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
the answer is 2,250
got it thanks ;)
no problem hope you understand now
105 interest *3=30 %=.30 .30*7500=2250 p+i=total amount 2250+7500