Write an algebraic equation for the following problem and then solve it.Bet

zi2lalZ 2021-09-13 Answered

Write an algebraic equation for the following problem and then solve it.
Beth and Mark borrowed $4000 at a simple interest rate of \(\displaystyle{5}\%\) for a period of 3 years. What was the interest?
Write an equation for the interest I earned.
\(I=?\)
(Do not simplify. Use integers or decimals for any numbers in the expression.)
The interest is $___.
(Simplify your answer.)

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Expert Answer

Ayesha Gomez
Answered 2021-09-14 Author has 11013 answers
Step 1
The equation for the interest earned is
\(\displaystyle{I}={P}\cdot{r}\cdot{t}\)
where I: Interest
P: Principal
r: Rate of interest
t: Time in years
Step 2
Substitute the given alues in the above expression to find the interest earned.
\(\displaystyle{P}=\${4000}\)
\(\displaystyle{r}={5}\%\)
\(\displaystyle{t}={3}\) years
\(\displaystyle{I}={P}\cdot{r}\cdot{t}\)
\(\displaystyle={4000}\times{\frac{{{5}}}{{{100}}}}\times{3}\)
\(\displaystyle={600}\)
Step 3
Answer:
The algebraic expression that gives the interest, \(\displaystyle{I}={P}{r}{t}\).
The interest obtained after 3 years \(\displaystyle=\${600}\).
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