Solve the problem.
-The amount of simple interest I generated by principal P, annual interest rate r, and time t in years is given by I = Prt. Find the interest if t = 7 years, P = $100, and r = 0.04.
A)$28.00
B)$1.12
C)$0.70
D)$112.00

Question

Quizplus · Accepted Answer

Using the formula I = Prt, where P = $100, r = 0.04, and t = 7 years, we get I = 100 * 0.04 * 7 = $28.00.

Solve the Problem. -The Amount of Simple Interest I Generated by Principal P