Question

The amount of interest accrued on
a $7,000 loan with 6% interest after t years.

Answer 1

$420t

Explanation:

Given data

Principal= $7000

Rate= 6%

Time= t years

The expression for the amount is

Simple interest= PRT/100

Sustitute

Simple interest= 7000*6*t/100

Simple interest= 42000t/100

Simple interest= 420t

Hence the amount after t years is $420t