Question

lesson 20 sessi practice finding simple interest study the example showing how to use the simple interest formula. then solve problems 1–6. example pablo deposits $750 into a bank account. the account earns yearly simple interest at a rate of 3\frac{1}{2}\\%. how many years will it take pablo to earn a total of $105 in simple interest? use the simple interest formula and solve for t. p = $750, r = 3.5\\%, and i = $105 i = prt 105 = (750)(3.5\\%)(t) 105 = (750)(0.035)(t) 105 = 26.25t 4 = t it will take 4 years for pablo to earn $105 in interest. 1 suppose you deposit $1,200 into a bank account. the account earns yearly simple interest at a rate of 1\frac{3}{4}\\%. how many years will it take to earn a total of $126 in simple interest? show your work. solution 2 conan borrows $3,000 at a yearly simple interest rate of 1.6\\% for 2 years. he owes \underline{\quad\quad\quad\quad} in interest. he needs to pay back \underline{\quad\quad\quad\quad} in all. vocab simple a perce amount borrow

Explanation:

Problem 1

Step1: Identify values

$P = 1200$, $r = 1\frac{3}{4}\% = 1.75\% = 0.0175$, $I = 126$

Step2: Use simple interest formula

$I = Prt$ → $126 = (1200)(0.0175)(t)$

Step3: Calculate product

$(1200)(0.0175) = 21$ → $126 = 21t$

Step4: Solve for t

$t = \frac{126}{21} = 6$

Step1: Identify values

$P = 3000$, $r = 1.6\% = 0.016$, $t = 2$

Step2: Use simple interest formula

$I = Prt = (3000)(0.016)(2)$

Step3: Calculate interest

$(3000)(0.016) = 48$; $48×2 = 96$

Step4: Calculate total amount

Total = $P + I = 3000 + 96 = 3096$

Answer:

6 years

Problem 2