What is the simple interest that is missing from the table? Use the formula I = prt. $450.00 $450.40 $45,000.40 $45,040.00

Question

asked Oct 24, 2020 158k views

2 Answers

Benkax · Answer 1 · 2020-10-28T16:52:05+0000

Answer: SECOND OPTION.

Explanation:

You have the following formula for calculate the Simple Interest:

I=prt

Where "p"is the principal amount, "r" is the rate of interest per year (it must be in decimal) and "t" is the time periods.

From the table given in the exercise, you can identify that:

$p=\$5,630\\r=4\%=(4)/(100)=0.04\\t=2$

Then, you must substitute these values into the formula:

$I=(\$5,630)(0.04)(2)$

Finally, evaluating in order to find the value of "I", you get the following result:

$I=\$450.40$