Question

fill in the blanks.
the formula for calculating simple interest, i, is ____, where p is the __, r is the __, and t is the ____.

the formula for calculating simple interest, i, is ▼ where p is the ▼ r is the ▼ and t is the ▼

Explanation:

Step1: Recall Simple Interest Formula

The formula for simple interest is \( I = Prt \), where \( P \) is principal, \( r \) is annual interest rate (in decimal), and \( t \) is time (in years).

Step2: Identify Each Variable

• Formula: \( I = Prt \)
• \( P \): Principal (initial amount of money)
• \( r \): Annual interest rate (expressed as a decimal)
• \( t \): Time (in years, for the period the money is borrowed or invested)

Answer:

The formula for calculating simple interest, \( I \), is \(\boldsymbol{I = Prt}\), where \( P \) is the \(\boldsymbol{\text{principal}}\), \( r \) is the \(\boldsymbol{\text{annual interest rate (in decimal form)}}\), and \( t \) is the \(\boldsymbol{\text{time (in years)}}\).