17. Find the simple interest and the total amount including interest.
Simple Interest Total Amount
P = $5,050 I = 7% t = 4 ____________ ______________
P = $13000 I = 4% t = 4.5 _____________ _______________
Anne borrowed $4700 from a bank that charges 10% simple interest. If she repays the loan in 21/2 years, how much will she have to pay back? ___________________
To find the simple interest, we can use the formula I = P * r * t, where I is the interest, P is the principal, r is the interest rate, and t is the time in years.
For the first question:
P = $5,050, r = 7%, and t = 4 years
I = 5050 * 0.07 * 4 = $1,414
Total Amount = P + I = 5050 + 1414 = $6,464
For the second question:
P = $13,000, r = 4%, and t = 4.5 years
I = 13000 * 0.04 * 4.5 = $2,340
Total Amount = P + I = 13000 + 2340 = $15,340
For the third question:
P = $4,700, r = 10%, and t = 2.5 years
I = 4700 * 0.1 * 2.5 = $1,175
Total Amount = P + I = 4700 + 1175 = $5,875
So, Anne will have to pay back $5,875.
17. Find the simple interest and the total amount including interest.
Simple Interest Total Amount
a. P = $5,050 I = 7% t = 4 ____________ ______________
b. P = $13000 I = 4% t = 4.5 _____________ _______________
a. For the first scenario:
P = $5,050, r = 7%, and t = 4 years
Using the formula I = P * r * t, we have:
I = 5050 * 0.07 * 4 = $1,414
The total amount is the principal plus the interest:
Total Amount = P + I = 5050 + 1414 = $6,464
b. For the second scenario:
P = $13,000, r = 4%, and t = 4.5 years
Using the formula I = P * r * t, we have:
I = 13000 * 0.04 * 4.5 = $2,340
The total amount is the principal plus the interest:
Total Amount = P + I = 13000 + 2340 = $15,340
To calculate the simple interest and the total amount including interest, you can use the following formulas:
Simple Interest (S.I.) = (Principal amount * Interest rate * Time) / 100
Total Amount = Principal amount + Simple Interest
Now, let's calculate the simple interest and the total amount for the given examples:
Example 1:
P = $5,050, I = 7%, t = 4 years
To find the Simple Interest:
S.I. = ($5,050 * 7 * 4) / 100 = $1,414
To find the Total Amount:
Total Amount = Principal amount + Simple Interest
Total Amount = $5,050 + $1,414 = $6,464
Therefore, the Simple Interest is $1,414 and the Total Amount including interest is $6,464.
Example 2:
P = $13,000, I = 4%, t = 4.5 years
To find the Simple Interest:
S.I. = ($13,000 * 4 * 4.5) / 100 = $2,340
To find the Total Amount:
Total Amount = Principal amount + Simple Interest
Total Amount = $13,000 + $2,340 = $15,340
Therefore, the Simple Interest is $2,340 and the Total Amount including interest is $15,340.
Example 3:
Anne borrowed $4,700 from a bank at 10% simple interest for 2.5 years.
To find the Simple Interest:
S.I. = ($4,700 * 10 * 2.5) / 100 = $1,175
To find the Total Amount:
Total Amount = Principal amount + Simple Interest
Total Amount = $4,700 + $1,175 = $5,875
Therefore, Anne will have to pay back $5,875.