Question

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Answer 1

Answer:

Question :-

• Julie borrowed $3500 for 3 years at 7½ % simple interest rate. How much interest is that.

Given :-

• Julie borrowed $3500 for 3 years at 7½ % simple interest rate.

To Find :-

• What is the simple interest.

Formula Used :-

$\clubsuit$ Simple Interest or S.I Formula :

$\longmapsto \sf\boxed{\bold{\pink{S.I =\: \dfrac{Prt}{100}}}}$

where,

• P = Principal
• r = Rate of Interest
• t = Time

Solution :-

Given :

$\bigstar \: \: \sf Principal = \sf\bold{\ 3500}$

$\bigstar \: \: \sf Rate\: of\: interest =\: 7\dfrac{1}{2}\%\: =\: \sf\bold{\dfrac{15}{2}\%}$

$\bigstar \: \: \sf Time = \sf\bold{3\: years}$

According to the question by using the formula we get,

$\longrightarrow \sf S.I =\: \dfrac{3500 \times 15 \times 3}{100 \times 2}$

$\longrightarrow \sf S.I =\: \dfrac{52500 \times 3}{200}$

$\longrightarrow \sf S.I =\: \dfrac{1575\cancel{00}}{2\cancel{00}}$

$\longrightarrow \sf S.I =\: \dfrac{1575}{2}$

$\longrightarrow \sf\bold{\red{S.I =\: \ \: 787.5}}$

$\therefore$ The simple interest in that is $787.5.

Answer 2

Given:–

• Principal (P) = $3500
• Time taken = 3 years
• Rate of interest = 7 1/2

To find:–

• Simple interest

Formulas used:–

• Simple Interest (S.I.) = Principal× Rate× Time / 100

Some common terms:–

• The money borrowed is called the Principal, the extra money paid for using lender's money is called the interest and the total money, paid to the lender at the end of the specified period is called the amount.

Step by step explaination:-

Here, in this question it is given that the principal, rate and time is $35,000, 15/2% and for 3 years respectively. Now, the question has asked us to find the interest.

That will be calculated by the given formula of simple interest as we have wrote it above.

Simple Interest (S.I.) = Principal× Rate× Time / 100

Converting the rate of interest from mixed fraction into improper fraction.

$\implies 7\dfrac{1}{2} = \dfrac{7 \times 2 + 1}{2} → \dfrac {15}{2}$

Now evaluating the given values in the formula.

$\implies \text{Simple Interest} \: = \dfrac{3500 \times 15 \times 3}{100 \times 2}$

Reducing to their lowest terms.

$\implies \text{Simple interest (S.I.)} \: = \: \dfrac{35 \times 15 \times 3}{2}$

$\implies \text{Simple interest (S.I.)} = \dfrac{105 \times 15}{2}$

$\implies \text{Simple Interest (S.I.) }= 787.5$

Conclusion:–

• Interest is $787.5