morganweatherholt morganweatherholt
  • 01-03-2020
  • Mathematics
contestada

What is the interest paid to the nearest cent? $4,500, 9%, 3.5 years

Respuesta :

calculista
calculista calculista
  • 08-03-2020

Answer:

[tex]I=\$1,417.50[/tex]

Step-by-step explanation:

we know that

The simple interest formula is equal to

[tex]I=P(rt)[/tex]

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

[tex]t=3.5\ years\\ P=\$4,500\\r=9\%=9/100=0.09[/tex]

substitute in the formula above

[tex]I=4,500(0.09*3.5)[/tex]

[tex]I=\$1,417.50[/tex]

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