Investment problems

p=$300
r=7%
t=2

what is i?

a)$4.20

b)$42.00

c)$420.00

B

Step-by-step explanation:

This is a simple interest problem. The formula for simple interest is:

Where

i is the interest amount

P is the principal amount

r is the rate of interest

t is the time in years

Given P, r, and t, we need to find convert r (as a percentage) to a decimal. We simply divide by 100. Shown below:

r = 7% = 7/100 = 0.07

Now, we substitute into formula and find i (interest):

Correct answer is B, $42

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take good notes.

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use mnemonics and other tricks.

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note: the best i know.

m∠a is 90°

m∠b is 40°