Question

What is the simple interest for $1,665 at 6.75% for 36 months? (round to the nearest cent)​

Answer 1

Step-by-step explanation:

Given:-

$1,665 at 6.75% for 36 months

To find:-

What is the simple interest for $1,665 at 6.75% for 36 months? (round to the nearest cent)

Solution:-

Given that

Principle (P) = $ 1665

Rate of Interest (R)=6.75%

Time (T)=36 months

We know that

12 months = 1 year

36 months = 3 ×12 months= 3 years

Time (T)=3 years

We know that

Simple Interest (I)= PTR/100

=>I = 1665×3×6.75/100

=>I = (1665×3×675)/(100×100)

=>I =3371625/10000

=>I = 337.1625

=>I = 337.16 (correct it upto 2 decimals)

Answer:-

Simple Interest for the given problem is $337.16

Used formula:-

• Simple Interest (I)= PTR/100
• P = Principle
• T=time
• R=Rate of interest

Answer 2

Given :

• Principal (P) = $1665
• Rate (R) = 6.75%
• Time (T) = 36months = 3 years

To Find :

• Interest

Solution :

✰ In this question, Principal and Rate along with the Time is given and we have to find the Interest, and we know that Interest is given by I = P × R × T/100 . So simply we will put the given values in the formula to find the Interest.

⠀⠀⠀

⟹ Interest = P × R × T / 100

⟹ Interest = 1665 × 6.75 × 3/100

⟹ Interest = 1665 × 20.25/100

⟹ Interest = 1665 × 2025/100 × 100

⟹ Interest = 3371625/10000

⟹ Interest = Rs 337.16

⠀⠀⠀

Thus Interest is Rs 337.16

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★ Additional Info :

$\small\boxed{\begin{array}{cc}\large\sf\dag \: {\underline{More \: Formulae}} \\ \\ \bigstar \: \sf{Principle :- \dfrac{SI \times 100}{R \times T}} \\ \\\bigstar \: \sf{Rate \: of \: Interest :- \dfrac{SI \times 100}{P \times T}} \\ \\ \bigstar \: \sf{Time :- \dfrac{SI \times 100}{P \times R}}\end{array}}$