Mathematics, 09.09.2021 08:20 AlimBas8
Find the simple interest for a $3000 loan for 3 years at a rate of 5% (Formula: I=Prt)
Answers: 1
where
is the simple interest that builds
is the principal (AKA the amount invested/borrowed)
is the interest rate per year
is the lenght of the loan, in years.![\begin{aligned}I &= (\$3000)(5 \%/\text{year})(3 \text{ years})\\[0.5em]&= (3000)(0.05)(3)\\[0.5em]&= 450\end{aligned}](/tpl/images/2459/0999/61f47.png)
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