Question

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

Answer 1

ok do you know the simple interest formula?

Answer 2

no I dont

Answer 3

ok the formula is I= PRT

Answer 4

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

Answer 5

@tmunoz do u need help or not?

Answer 6

yes please

Answer 7

ok then follow along

Answer 8

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

Answer 9

@tmunoz hello?

Answer 10

$7.500 right?

Answer 11

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?

Answer 12

3 years right?

Answer 13

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

Answer 14

10%

Answer 15

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

Answer 16

is it 0.1?

Answer 17

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

Answer 18

the answer is 2,250

Answer 19

got it thanks ;)

Answer 20

no problem hope you understand now

Answer 21

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