Find the interest and total amount.
25. P=$8,500, R=6.5% per year, T= 1 year
26. P=$1,200, R=7% per year, T= 2 years
27. P=$2,400, R=11% per year, T= 6 months
assuming simple interest, I = PRT
Total amount = P + I
So, what do you get?
To find the interest and total amount in each of these cases, you can use the formula for simple interest:
Interest (I) = (Principal (P) * Rate (R) * Time (T)) / 100
Total Amount (A) = Principal (P) + Interest (I)
Let's apply this formula to each of the given scenarios:
25. P=$8,500, R=6.5% per year, T= 1 year
Plugging in the values:
P = $8,500
R = 6.5%
T = 1 year
Calculating the interest:
I = (8500 * 6.5 * 1) / 100 = $552.50
Calculating the total amount:
A = P + I = $8,500 + $552.50 = $9,052.50
Therefore, the interest is $552.50 and the total amount is $9,052.50.
26. P=$1,200, R=7% per year, T= 2 years
Plugging in the values:
P = $1,200
R = 7%
T = 2 years
Calculating the interest:
I = (1200 * 7 * 2) / 100 = $168
Calculating the total amount:
A = P + I = $1,200 + $168 = $1,368
Therefore, the interest is $168 and the total amount is $1,368.
27. P=$2,400, R=11% per year, T= 6 months
Note that the time (T) is given in months. Since the rate is per year, we need to convert the time to years.
Plugging in the values:
P = $2,400
R = 11%
T = 6 months = 6/12 = 0.5 years
Calculating the interest:
I = (2400 * 11 * 0.5) / 100 = $132
Calculating the total amount:
A = P + I = $2,400 + $132 = $2,532
Therefore, the interest is $132 and the total amount is $2,532.
By using the given formula and substituting the values appropriately, we were able to calculate the interest and total amount for each scenario.