3. dylans brother takes out a $628 loan to buy an electric scooter. the bank charges an annual simple…

3. dylans brother takes out a $628 loan to buy an electric scooter. the bank charges an annual simple interest rate of 11%. how much will dylans brother pay in interest if he pays off the loan in 3 years? a. identify the principal amount, the interest rate, and the time of the loan. b. use the simple interest formula to write and solve an equation.

3. dylans brother takes out a $628 loan to buy an electric scooter. the bank charges an annual simple interest rate of 11%. how much will dylans brother pay in interest if he pays off the loan in 3 years? a. identify the principal amount, the interest rate, and the time of the loan. b. use the simple interest formula to write and solve an equation.

Answer

Explanation:

Step1: Identify values

Principal amount $P = 628$, interest rate $r=0.11$ (since $11%=0.11$), time $t = 3$ years.

Step2: Apply simple - interest formula

The simple - interest formula is $I=P\times r\times t$. Substitute the values: $I = 628\times0.11\times3$. First, calculate $628\times0.11 = 69.08$. Then, $69.08\times3=207.24$.

Answer:

a. Principal amount $P = 628$, interest rate $r = 11%=0.11$, time $t = 3$ years. b. The interest $I = 207.24$.