2007-06-10 16:50:45 · 6 answers · asked by Phaedra C 1 in Science & Mathematics ➔ Mathematics
Simple Interest
I = Prt, where I = interest, P = principle, r = interest rate, and t = time (in years)
I is unknown, P = 7000, r = 3% = .03, and t = 1
I = 7000(.03)(1)
I = 210
2007-06-10 16:53:30 · answer #1 · answered by MsMath 7 · 1⤊ 0⤋
You can use the formula,
Interest = PRT/100
where P = borrowed amount
R = Rate of interest.
T = time in years
It won't matter if it is compound interest. The time is one year, and nowhere is it said that interest is compounded in a time less than a year, so Simple Interest should give an accurate answer.
Interest = (7000)(3)/100
Interest = $210
2007-06-10 23:57:18 · answer #2 · answered by Akilesh - Internet Undertaker 7 · 0⤊ 0⤋
I = 7000*3*1/100=210
this is simple interest I have assumed it so as u didn't mention anything compounding annually or so
2007-06-10 23:54:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Simple interest (as this example seems to indicate) is calculated as rate * principal or:
$7000 * .03 = $210
2007-06-10 23:57:25 · answer #4 · answered by RG 3 · 0⤊ 0⤋
i = P * r * t
i = 7000 * 0.03 * 1
i = 210 dollars
2007-06-10 23:56:15 · answer #5 · answered by chonudi 3 · 0⤊ 0⤋
can u plz post this question on http://www.tutorbuddy.org i will answer when you post
2007-06-10 23:53:36 · answer #6 · answered by Anonymous · 0⤊ 3⤋