Solve.
-To make car payments, a teenager borrows $\$ 700$ from a relative for 7 years at $3 \%$ simple interest. Find the amount of simple interest that is due.

Question

Quizplus · Accepted Answer

The simple interest due can be calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount (\$700), $r$ is the annual interest rate (3%, or 0.03 as a decimal), and $t$ is the time in years (7). Thus, $I = 700 \times 0.03 \times 7 = \$147.00$.

Solve -To Make Car Payments, a Teenager Borrows $700\$ 700$700 From a Relative for 7 Years At

Solve
-To Make Car Payments, a Teenager Borrows $\$ 700$ From a Relative for 7 Years At