directions: using the formula i = prt, solve for the missing information in the following simple interest…

directions: using the formula i = prt, solve for the missing information in the following simple interest problems. when necessary, round answers to the nearest hundredth. show all work! 1. principal: $5000 rate: 8% time: 3 years interest:? 2. principal: $850.00 rate: 4.25% time: 6 months interest:? 3. principal:? rate: 2 1/2% time: 5 years interest: $120 4. principal: $1800 rate:? time: 18 months interest: $60 5. principal: $2100 rate: 3 3/4% time:? interest: $205 6. principal: $745 rate: 1/2% time: 3 months interest:?

Answer

Explanation:

Step1: Convert rate to decimal and time to years if needed

For problem 1: $P = 5000$, $R=0.08$, $T = 3$.

Step2: Apply the simple - interest formula $I=PRT$

$I=5000\times0.08\times3=1200$

For problem 2: $P = 850$, $R = 0.0425$, $T=\frac{6}{12}=0.5$. $I=850\times0.0425\times0.5=850\times0.02125 = 18.0625\approx18.06$

For problem 3: $I = 120$, $R=0.025$, $T = 5$. We know $I=PRT$, so $P=\frac{I}{RT}$. $P=\frac{120}{0.025\times5}=\frac{120}{0.125}=960$

For problem 4: $P = 1800$, $I = 60$, $T=\frac{18}{12}=1.5$. We know $I=PRT$, so $R=\frac{I}{PT}$. $R=\frac{60}{1800\times1.5}=\frac{60}{2700}\approx0.0222 = 2.22%$

For problem 5: $P = 2100$, $I = 205$, $R = 0.0375$. We know $I=PRT$, so $T=\frac{I}{PR}$. $T=\frac{205}{2100\times0.0375}=\frac{205}{78.75}\approx2.60$ years

For problem 6: $P = 745$, $R=0.005$, $T=\frac{3}{12}=0.25$. $I=745\times0.005\times0.25=745\times0.00125 = 0.93125\approx0.93$

Answer:

Interest: $$1200$
Interest: $$18.06$
Principal: $$960$
Rate: $2.22%$
Time: $2.60$ years
Interest: $$0.93$