Question

Use i=prt, the formula for simple interest over t years to find i when p=$2000, r=6%, and t=18 months

Answer 1

The value simple interest over 1.5 years is $180.

Explanation:

Given the formula of simple interest:

i = p × r × t

p = Principle amount

r = Rate

t = Time period (years)

Given :

p = $2000, r = 6% = 0.06

t = 18 months =
`(18)/(12) years=1.5 years`

( 1 year = 12 months)

`i=\$2,000* 0.06* 1.5 =\$180`

The value simple interest over 1.5 years is $180.

Answer 2

the given formula to use id i = prt
where p = $2000
r = 6% = 6 / 100 = 0.06
and time t = 18 months
the formula is for interest over t years, so we have to convert time t in years
1 year is equal to 12 months, so 18 months is equal to 1.6 years
i = prt
i = $2000 x 0.06 x 1.6
i = $192
$192 is the simple interest over 18 months