Business and finance. The simple interest I on a principal of P dollars at interest rate r for time t, in years, is given by I = Prt. Find the simple interest on a principal
of $6000 at 3% for 2 years. (Hint: 3% = 0.03)
2007-07-25 05:29:39 · 7 answers · asked by ray 1 in Science & Mathematics ➔ Mathematics
I=Prt
P=6000
r=.03
t=2
I=6000*.03*2 = 360
2007-07-25 05:34:11 · answer #1 · answered by lockedjew 5 · 0⤊ 0⤋
In each year, interest = 6000 x .03 = 180, so in two years interest = $360: 6000 x 2 x .03
2007-07-25 12:33:45 · answer #2 · answered by John V 6 · 0⤊ 0⤋
i=prt
=6000*0.03*2=360
2007-07-25 12:35:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I = Prt so
P = $6000
r = .03
t = 2 (years)
i = 6000 * 0.03 * 2
i = $360
Total amount i account = $6360
2007-07-25 12:35:00 · answer #4 · answered by T-22<> 3 · 0⤊ 0⤋
6000*0.03*2 = 360 $
2007-07-25 12:33:49 · answer #5 · answered by ag_iitkgp 7 · 0⤊ 0⤋
6000 * .03 * 2 = 360
2007-07-25 12:33:31 · answer #6 · answered by miggitymaggz 5 · 0⤊ 0⤋
you know everything ,now it is simple multipication,
so I=P*R*T=6,000*3/100*2
=36,000/100=$ 360
2007-07-25 16:23:25 · answer #7 · answered by MAHAANIM07 4 · 0⤊ 0⤋