Review
Directions: Use the interest formula to solve each of the following problems.
1) Cathy borrows $3280 at 0.3% simple interest per month. When Cathy pays the loan back 9 years later, what is the total amount that Cathy ends up repaying?
2) Ruth borrows $440 at 0.6% simple interest per month. When Ruth pays the loan back 4 years later, how much interest does Ruth pay?
3) Fred borrows $2710 at 3.8% simple interest per month. When Fred pays the loan back 3 months later, what is the total amount that Fred ends up repaying?
4)Ralph borrows $360 at 0.7% simple interest per month. When Ralph pays the loan back 3 months later, how much interest does Ralph pay?
5) Deb borrows $3190 at 2.9% simple interest per month. When Deb pays the loan back 5 years later, what is the total amount that Deb ends up repaying?
6) Ian borrows $3580 at 31% simple interest per year. When Ian pays the loan back 7 years later, how much interest does Ian pay?
7) Zach borrows $1910 at 2.6% simple interest per month. When Zach pays the loan back 3 years later, how much interest does Zach pay?
8) Craig borrows $1000 at 9% simple interest per year. When Craig pays the loan back 11 years later, what is the total amount that Craig ends up repaying?
9) Larry borrows $1300 at 5% simple interest per month. When Larry pays the loan back 3 years later, what is the total amount that Larry ends up repaying?
10) Fred borrows $40 at 0.8% simple interest per month. When Fred pays the loan back 2 years later, how much interest does Fred pay?
the formula is
i = Prt
what don't you understand?
Formula: I = P * r * t
i don't know the answers i need the answers i do online school i think i did better in in person school i need to know the answers
i just don't get it thats all i want to pass
thank u so much ur varry helpful to me
To solve each of these problems, we can use the interest formula:
Interest = Principal * Rate * Time
Let's break down each problem and solve them step by step.
1) Cathy borrows $3280 at 0.3% simple interest per month. When Cathy pays the loan back 9 years later, what is the total amount that Cathy ends up repaying?
To find the total amount repaid by Cathy, we need to calculate the interest first.
Principal (P) = $3280
Rate (R) = 0.3% = 0.003
Time (T) = 9 years
Interest (I) = P * R * T
I = $3280 * 0.003 * 9
Now, calculate the amount repaid:
Total Amount Repaid = Principal + Interest
Total Amount Repaid = $3280 + Interest
2) Ruth borrows $440 at 0.6% simple interest per month. When Ruth pays the loan back 4 years later, how much interest does Ruth pay?
Here, we can use the same formula:
Principal (P) = $440
Rate (R) = 0.6% = 0.006
Time (T) = 4 years
Interest (I) = P * R * T
3) Fred borrows $2710 at 3.8% simple interest per month. When Fred pays the loan back 3 months later, what is the total amount that Fred ends up repaying?
Principal (P) = $2710
Rate (R) = 3.8% = 0.038
Time (T) = 3 months
Interest (I) = P * R * T
4) Ralph borrows $360 at 0.7% simple interest per month. When Ralph pays the loan back 3 months later, how much interest does Ralph pay?
Principal (P) = $360
Rate (R) = 0.7% = 0.007
Time (T) = 3 months
Interest (I) = P * R * T
5) Deb borrows $3190 at 2.9% simple interest per month. When Deb pays the loan back 5 years later, what is the total amount that Deb ends up repaying?
Principal (P) = $3190
Rate (R) = 2.9% = 0.029
Time (T) = 5 years
Interest (I) = P * R * T
6) Ian borrows $3580 at 31% simple interest per year. When Ian pays the loan back 7 years later, how much interest does Ian pay?
Principal (P) = $3580
Rate (R) = 31% = 0.31
Time (T) = 7 years
Interest (I) = P * R * T
7) Zach borrows $1910 at 2.6% simple interest per month. When Zach pays the loan back 3 years later, how much interest does Zach pay?
Principal (P) = $1910
Rate (R) = 2.6% = 0.026
Time (T) = 3 years
Interest (I) = P * R * T
8) Craig borrows $1000 at 9% simple interest per year. When Craig pays the loan back 11 years later, what is the total amount that Craig ends up repaying?
Principal (P) = $1000
Rate (R) = 9% = 0.09
Time (T) = 11 years
Interest (I) = P * R * T
Total Amount Repaid = Principal + Interest
9) Larry borrows $1300 at 5% simple interest per month. When Larry pays the loan back 3 years later, what is the total amount that Larry ends up repaying?
Principal (P) = $1300
Rate (R) = 5% = 0.05
Time (T) = 3 years
Interest (I) = P * R * T
Total Amount Repaid = Principal + Interest
10) Fred borrows $40 at 0.8% simple interest per month. When Fred pays the loan back 2 years later, how much interest does Fred pay?
Principal (P) = $40
Rate (R) = 0.8% = 0.008
Time (T) = 2 years
Interest (I) = P * R * T
Calculating the interest for each problem using the given formulas will give you the final solutions to each question.
surely your text has some examples. I know google does.
But, to get you started,
1) Cathy borrows $3280 at 0.3% simple interest per month. When Cathy pays the loan back 9 years later, what is the total amount that Cathy ends up repaying?
P = 3280
r = 0.003 (that is the interest rate per period -- in this case, one month)
t = 9*12 = 108 (the number of months)
i = 3280 * 0.003 * 108 = 1062.72
Now add the interest to the principal, and she has to pay back
3280 + 1062.72 = 5342,72
Note that the total amount owed or earned is
A = P(1 + rt)
Now try the others.