Concept explainers
To calculate the simple interest.
Answer to Problem 45CR
$251.7
Explanation of Solution
Given:
Principal: $575
Time: 7 years
Rate of interest: 6.25%
Formula used:
Simple interest,
Where
I is the simple interest
p is the principal
r is the rate of interest
t is the time
Calculation:
The rate of interest is 6.25%.
Therefore, this can be
Using the given formula and substituting the given values,
Rounding the Interest to the nearest cent (cent = hundred),
Conclusion:
Therefore, the simple interest is $251.7.
Chapter 6 Solutions
Glencoe Math Accelerated, Student Edition
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