Based on simple interest, find the total amount saved or owed.
principal = $1700; rate = 6%; time = 5 years
I = PRT
I = 1700 * 0.06 * 5
I = 510
1700 + 510 = ?
To find the total amount saved or owed based on simple interest, you can use the formula:
Interest = Principal * Rate * Time
Let's calculate the interest first:
Interest = $1700 * 0.06 * 5
Interest = $510
Now, to find the total amount saved or owed, we add the interest to the principal:
Total Amount = Principal + Interest
Total Amount = $1700 + $510
Total Amount = $2210
Therefore, the total amount saved or owed is $2210.
To find the total amount saved or owed based on simple interest, you can use the formula:
Total Amount = Principal + (Principal * Rate * Time)
where:
- Principal is the initial amount of money
- Rate is the interest rate as a decimal
- Time is the duration in years
Let's plug in the given values into the formula:
Principal = $1700
Rate = 6% or 0.06 (converted to decimal)
Time = 5 years
Total Amount = $1700 + ($1700 * 0.06 * 5)
First, calculate the product of the principal, rate, and time:
($1700 * 0.06 * 5) = $510
Now, add this result to the principal to find the total amount saved or owed:
$1700 + $510 = $2210
Therefore, the total amount saved or owed based on simple interest is $2210.