For a given interest rate, simple interest varies jointly as the principal and time. If $3000 left in an account for 6 years earned interest of $1260, then how much interest would be earned in 7 years?

  1. 👍
  2. 👎
  3. 👁
  1. Larry/Kalyn/Makaila -- please use the same name for your posts.

    1. 👍
    2. 👎
    Ms. Sue
  2. I = k(P)(T) , compare with I = PRT, so k is jus like the rate R

    given: when P = 3000, T=6, then I = 1260
    1260 = k(3000)(6
    k = 1260/( (3000)(6) ) = .07 , mmhhh, looks like we just found the interest rate

    I = .07(P)(T)
    so for the last part

    I = .07(3000)(7) = 1470

    1. 👍
    2. 👎
  3. I sure hope that the above is not how "they" are teaching you to calculate simple interest

    1. 👍
    2. 👎
  4. how about (7/6)1260 = 1470

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Algebra

    The formula I = PRT where I = Interest, P = principal, R = rate, and T = time is used to calculate the amount of simple interest earned. Solve this formula for T.

  2. Finance

    Find the future value of $10,000 invested now after five years if the annual interest rate is 8 percent. a. What would be the future value if the interest rate is a simple interest rate? b. What would be the future value if the

  3. Math.

    For question 1-4 for the interest. All rates are annual interest rates. 1) principal, $400 rate, 5% time, 1 year. a. $10 b. $20 c. $40 d. $200 2) principal, $1,000 rate, 8.5% time, 3 years a. $255 b. $170 c. $22.5 d. $17 3)

  4. Simple interest

    Find the simple interest earned to the nearest cent for each principal interest rate, and time $500,4%, 2 years

  1. Math

    Heather deposits $3000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 3 years?

  2. business Math

    You were offered the opportunity to purchase either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months. a. Calculate the effective interest rate. (Do not round intermediate

  3. Algebra

    The formula for simple interest is l=Prt, where p is the principal, r is the interest rate, and t is time. Solve for P

  4. Algebra II

    An investment service promises to triple your money in 12 years. Assuming continuous compounding of interest, what rate of interest is needed? For the question is it asking me if simple interest or continuously compounded interest

  1. math

    The amount of money in an account with continuously compounded interest is given by the formula A = Pert, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the hundredth of a year

  2. algebra

    A total of $6200 is deposited into two simple interest accounts. On one account the annual simple interest rate is 2%, and on the second account the annual simple interest rate is 4%. The amount of interest earned for 1 year was

  3. Math

    You borrow $2,000 for a period of 4 years. You are charged simple interest at a rate of 3%. How much will you repay at the end of 4 years? So, do I draw out the formula I = P x R x T. I = Interest - unknown P = Principal - 2,000 R

  4. math

    Compute the rate for the following loan. Round answers to the nearest tenth of a percent; use ordinary interest when time is stated in days. Do not enter the percent symbol in your answer. Principal Rate (%) Time Interest $5,000 %

You can view more similar questions or ask a new question.