pasitalesefo12 pasitalesefo12

26-08-2021
Mathematics

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26) Using the formula I = PRN, calculate the simple interest (I) on $1500 at 3% p.a. for 8 years. Show working i.e. P = 1500, R = 3% , N= 8

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jimrgrant1 jimrgrant1

26-08-2021

Answer:

I = $360

Step-by-step explanation:

Calculate the interest I using

I = PRN

with P = 1500, R = 3% = [tex]\frac{3}{100}[/tex] = 0.03 , N = 8 , then

I = $1500 × 0.03 × 8 = $360

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