The time with the help of simple interest formula.

Question

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Answer 1

Question

Chapter 8, Problem 1RE

To determine

The time with the help of simple interest formula.

Expert Solution & Answer

Answer to Problem 1RE

The time is $2 years_$ .

Explanation of Solution

Formula used:

Simple Interest Formula: $I=PRT$ , where P is the principal, I is the interest, R is the rate and T is the time.

Procedure used:

“To evaluate a formula:

Step 1: Write the formula.

Step 2: Rewrite the formula, substituting known values for variables of the formula.

Step 3: Solve the equation from Step 2 for the missing variable.

Step 4: Interpret the solution within the context of the formula.”

Calculation:

Given that, $I=$387.50,P=$1,550 and R=12.5%$ .

The rate $R=12.5%$ should be expressed as a decimal equivalent, $12.5%=0.125$ .

Substitute the given values in the Simple Interest Formula $I=PRT$ .

$I=PRT387.50=(1,550)(0.125)(T)387.50=193.75T (Multiply)387.50193.75=193.75T193.75 (Divide)2=T (Interpret solution)$

That is, $T=2$ .

Thus, the time is $2 years_$ .

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Answer 2

Question

Chapter 8, Problem 1RE

To determine

The time with the help of simple interest formula.

Expert Solution & Answer

Answer to Problem 1RE

The time is $2 years_$ .

Explanation of Solution

Formula used:

Simple Interest Formula: $I=PRT$ , where P is the principal, I is the interest, R is the rate and T is the time.

Procedure used:

“To evaluate a formula:

Step 1: Write the formula.

Step 2: Rewrite the formula, substituting known values for variables of the formula.

Step 3: Solve the equation from Step 2 for the missing variable.

Step 4: Interpret the solution within the context of the formula.”

Calculation:

Given that, $I=$387.50,P=$1,550 and R=12.5%$ .

The rate $R=12.5%$ should be expressed as a decimal equivalent, $12.5%=0.125$ .

Substitute the given values in the Simple Interest Formula $I=PRT$ .

$I=PRT387.50=(1,550)(0.125)(T)387.50=193.75T (Multiply)387.50193.75=193.75T193.75 (Divide)2=T (Interpret solution)$

That is, $T=2$ .

Thus, the time is $2 years_$ .

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Answer 3

Question

Chapter 8, Problem 1RE

To determine

The time with the help of simple interest formula.

Expert Solution & Answer

Answer to Problem 1RE

The time is $2 years_$ .

Explanation of Solution

Formula used:

Simple Interest Formula: $I=PRT$ , where P is the principal, I is the interest, R is the rate and T is the time.

Procedure used:

“To evaluate a formula:

Step 1: Write the formula.

Step 2: Rewrite the formula, substituting known values for variables of the formula.

Step 3: Solve the equation from Step 2 for the missing variable.

Step 4: Interpret the solution within the context of the formula.”

Calculation:

Given that, $I=$387.50,P=$1,550 and R=12.5%$ .

The rate $R=12.5%$ should be expressed as a decimal equivalent, $12.5%=0.125$ .

Substitute the given values in the Simple Interest Formula $I=PRT$ .

$I=PRT387.50=(1,550)(0.125)(T)387.50=193.75T (Multiply)387.50193.75=193.75T193.75 (Divide)2=T (Interpret solution)$

That is, $T=2$ .

Thus, the time is $2 years_$ .

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Answer 4

Question

Chapter 8, Problem 1RE

To determine

The time with the help of simple interest formula.

Expert Solution & Answer

Answer to Problem 1RE

The time is $2 years_$ .

Explanation of Solution

Formula used:

Simple Interest Formula: $I=PRT$ , where P is the principal, I is the interest, R is the rate and T is the time.

Procedure used:

“To evaluate a formula:

Step 1: Write the formula.

Step 2: Rewrite the formula, substituting known values for variables of the formula.

Step 3: Solve the equation from Step 2 for the missing variable.

Step 4: Interpret the solution within the context of the formula.”

Calculation:

Given that, $I=$387.50,P=$1,550 and R=12.5%$ .

The rate $R=12.5%$ should be expressed as a decimal equivalent, $12.5%=0.125$ .

Substitute the given values in the Simple Interest Formula $I=PRT$ .

$I=PRT387.50=(1,550)(0.125)(T)387.50=193.75T (Multiply)387.50193.75=193.75T193.75 (Divide)2=T (Interpret solution)$

That is, $T=2$ .

Thus, the time is $2 years_$ .

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 8, Problem 1RE

To determine

The time with the help of simple interest formula.

Expert Solution & Answer

Answer to Problem 1RE

The time is $2 years_$ .

Explanation of Solution

Formula used:

Simple Interest Formula: $I=PRT$ , where P is the principal, I is the interest, R is the rate and T is the time.

Procedure used:

“To evaluate a formula:

Step 1: Write the formula.

Step 2: Rewrite the formula, substituting known values for variables of the formula.

Step 3: Solve the equation from Step 2 for the missing variable.

Step 4: Interpret the solution within the context of the formula.”

Calculation:

Given that, $I=$387.50,P=$1,550 and R=12.5%$ .

The rate $R=12.5%$ should be expressed as a decimal equivalent, $12.5%=0.125$ .

Substitute the given values in the Simple Interest Formula $I=PRT$ .

$I=PRT387.50=(1,550)(0.125)(T)387.50=193.75T (Multiply)387.50193.75=193.75T193.75 (Divide)2=T (Interpret solution)$

That is, $T=2$ .

Thus, the time is $2 years_$ .

Answer 6

Chapter 8, Problem 1RE

To determine

The time with the help of simple interest formula.

Expert Solution & Answer

Answer to Problem 1RE

The time is $2 years_$ .

Explanation of Solution

Formula used:

Simple Interest Formula: $I=PRT$ , where P is the principal, I is the interest, R is the rate and T is the time.

Procedure used:

“To evaluate a formula:

Step 1: Write the formula.

Step 2: Rewrite the formula, substituting known values for variables of the formula.

Step 3: Solve the equation from Step 2 for the missing variable.

Step 4: Interpret the solution within the context of the formula.”

Calculation:

Given that, $I=$387.50,P=$1,550 and R=12.5%$ .

The rate $R=12.5%$ should be expressed as a decimal equivalent, $12.5%=0.125$ .

Substitute the given values in the Simple Interest Formula $I=PRT$ .

$I=PRT387.50=(1,550)(0.125)(T)387.50=193.75T (Multiply)387.50193.75=193.75T193.75 (Divide)2=T (Interpret solution)$

That is, $T=2$ .

Thus, the time is $2 years_$ .

Answer 7

Chapter 8, Problem 1RE

To determine

The time with the help of simple interest formula.

Answer 8

Expert Solution & Answer

Answer to Problem 1RE

The time is $2 years_$ .

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Formula used:

Simple Interest Formula: $I=PRT$ , where P is the principal, I is the interest, R is the rate and T is the time.

Procedure used:

“To evaluate a formula:

Step 1: Write the formula.

Step 2: Rewrite the formula, substituting known values for variables of the formula.

Step 3: Solve the equation from Step 2 for the missing variable.

Step 4: Interpret the solution within the context of the formula.”

Calculation:

Given that, $I=$387.50,P=$1,550 and R=12.5%$ .

The rate $R=12.5%$ should be expressed as a decimal equivalent, $12.5%=0.125$ .

Substitute the given values in the Simple Interest Formula $I=PRT$ .

$I=PRT387.50=(1,550)(0.125)(T)387.50=193.75T (Multiply)387.50193.75=193.75T193.75 (Divide)2=T (Interpret solution)$

That is, $T=2$ .

Thus, the time is $2 years_$ .

Answer 12

Ch. 8.1 - Evaluate: Ch. 8.1 - Prob. 2LC Ch. 8.1 - Prob. 1E Ch. 8.1 - Prob. 2E Ch. 8.1 - Evaluate the formulas. A = 4πr2 if π = 3.14 and r...Ch. 8.1 - Prob. 4E Ch. 8.1 - Prob. 5E Ch. 8.1 - Prob. 6E Ch. 8.1 - Evaluate the formulas. CON Evaluate the formula...Ch. 8.1 - Evaluate the formulas. ELEC Use the formula to...

The time with the help of simple interest formula.

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The time with the help of simple interest formula.

Answer to Problem 1RE

Explanation of Solution

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