
Concept explainers
To find: Simple interest.

Answer to Problem 11IP
Simple interest =I=$193.75
Explanation of Solution
Given information:
Principal amount =$620
Time =5 years.
Interest percent =6.25%
Concept:
I=prt
Where
I= Simple interest.
p= Principal amount
t= time in years.
r= Annual interest rate.
Calculation:
From given information
Principal amount =p=$620
Time =t=5 years.
Interest percent =R=6.25%
We know
Annual interest rate =r=R100
⇒r=6.25100⇒r=0.0625
On substituting values in above mentioned concept
We get
I=prt⇒I=(620)(0.0625)(5)⇒I=$193.75
Therefore,
To the nearest cent, Simple interest =I=$193.75
Chapter 6 Solutions
Glencoe Math Accelerated, Student Edition
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