Simple Interest 3
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Question 1 of 4
1. Question
If you borrow $500 at 5% for four years, how much will you pay back at the end of the term?
 Balance Owing`=$ \ ` (600)
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Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=?`Principal Value`=P=$500`Rate`=r=5%` per annumTime Elapsed`=t=4` yearsFirst, express the rate as a decimal`5% = 0.05`Solve for the balance owing at the end of the term by adding the Interest `(I)` and the Principal `(P)`.`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `=` `color(forestgreen)($500) color(black)(times) color(royalblue)(0.05) color(black)(times) color(tomato)(4)` Plug in the known values `=` `$100` Balance Owing `=` `$600` Now add the Interest `I=$100` to the Principal `P=$500` to find the balance owing. `$600` balance owing 
Question 2 of 4
2. Question
If you borrow $200 at 8% for seven years, how much will you pay back at the end of the term?
 Balance Owing`=$ \ ` (312)
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Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=?`Principal Value`=P=$200`Rate`=r=8%` per annumTime Elapsed`=t=7` yearsFirst, express the rate as a decimal`8% = 0.08`Solve for the balance owing at the end of the term by adding the Interest `(I)` to the Principal `(P)`.`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `=` `color(forestgreen)($200) color(black)(times) color(royalblue)(0.08) color(black)(times) color(tomato)(7)` Plug in the known values `=` `$112` Balance Owing `=` `$312` Now add the Interest `I=$112` to the Principal `P=$200` to find the balance owing. `$312` balance owing 
Question 3 of 4
3. Question
You put $700 into a savings account with an interest rate of 5% which earns $140.00 over a period of time. How long was the period of time?
 Time`= \ ` (4) years
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Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=$140`Principal Value`=P=$700`Rate`=r=5%` per annumTime Elapsed`=t=?` yearsFirst, express the rate as a decimal`5% = 0.05`Solve for the time`(t),` using the formula`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `color(purple)($140)` `=` `color(forestgreen)($700) color(black)(times) color(royalblue)(0.05) color(black)(times) color(tomato)(t)` Plug in the known values `$140` `=` `$35timest` Simplify `4` `=` `t` Divide both sides by `$35`. `t` `=` `4` Reverse the two sides so that the unknown `t` is on the lefthand side. `4` years 
Question 4 of 4
4. Question
If you invest $500 at an interest rate of 10%, how much money will you have after three years?
 Final Balance`=$ \ ` (650)
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Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=?`Principal Value`=P=$500`Rate`=r=10%` per annumTime Elapsed`=t=3` yearsFirst, express the rate as a decimal`10% = 0.1`Solve for the final balance by adding the Interest `(I)` to the Principal `(P)`.`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `=` `color(forestgreen)($500) color(black)(times) color(royalblue)(0.1) color(black)(times) color(tomato)(3)` Plug in the known values `=` `$150` Final Balance `=` `$650` Now add the Interest `I=$150` to the Principal `P=$500` to get the final balance. `$650` final balance