Question

Find the interest on the following loan.$1750 at 3.5% for 3 months

Answer 1

$I\text{ = prt}$

where

p = principal

r = rate

t = time

Principal is the amount of money invested for a period of t years with an interest rate r

$\begin{gathered} p\text{ = \ 175}0 \\ r\text{ = }\frac{3.5}{100}\text{ = }0.035\text{ } \\ t\text{ = }\frac{3}{12}\text{ = }\frac{1}{4} \end{gathered}$$\begin{gathered} I\text{ = 1750 }\times\text{ 0.035 }\times\text{ }0.25 \\ I\text{ = \ }15.3125 \end{gathered}$