Chapter 10, Problem 8CR

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Write the formula for calculating simple interest. (10-6)

To determine

The formula to calculate simple interest.

Explanation

Simple interest refers to the amount paid by the borrower of the funds to the lender. Interest is paid by the borrower regularly over the period of time above the principal repayment. In this, the interest is calculated on the principal amount always.

The formula to calculate simple interest is I=PRT.

Where I is the amount of interest, P is the Principal Amount, R is the rate of interest, T is the time duration.

Consider that principal amount of loan is $5,000, the rate of interest is 8% and the time period is 2 years. Substitute$5,000 for principal, 0

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Change each fraction to a percent: 37

Elementary Technical Mathematics

Find the mean for the scores in the following frequency distribution table: X f 6 1 5 4 4 2 3 2 2 1

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

In Exercises 107-120, factor each expression completely. 120. x3 27

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

The length of a = 4i – j – 2k is: 11 21

Study Guide for Stewart's Multivariable Calculus, 8th

True or False: is a rational function.

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th