Question

I need to use the simple interest formula I = Prt and elementary algebra to find the missing quantities in this table.

Answer 1

Given:

P=$100, r =11 % and t=2 years.

Required:

We need to find simple interest.

Explanation:

$r=11\text{ \%=}\frac{11}{100}=0.11$

Consider the simple interest formula.

$I=Prt$

Substitute P=100, r =0.11, and t =2 in the formula.

$I=100\times0.11\times2$$I=\text{ \ }22$

Final answer:

$I=\text{ \ }22$