How do you show work for this problem, in a percent equation form?~ $3680 at 6.75% for 2 1/4 years
I NEED THIS ANSWER FAST!!!
Failure to plan on your part does not constitute an emergency on my part…
I am wndering what you are looking for? Interest? total? is interest compounded?
To show the work for this problem in a percent equation form, we need to use the formula for simple interest:
Simple Interest = Principal (P) × Rate (R) × Time (T)
In this case:
Principal (P) = $3680
Rate (R) = 6.75% = 0.0675 (as a decimal)
Time (T) = 2 1/4 years = 2.25 years
Substituting the given values into the formula:
Simple Interest = $3680 × 0.0675 × 2.25
To find the solution, multiply the principal by the rate and the time:
Simple Interest = $3680 × 0.0675 × 2.25
= $560.55
Therefore, the simple interest earned on $3680 at a rate of 6.75% for 2 1/4 years is $560.55.