Questions: The formula for simple interest: Fill in the blanks. The formula for calculating simple interest, I, is , where P is the , r is the , and t is the ? The formula for calculating simple interest, I, is where P is the principal, r is the rate, and t is the

The formula for simple interest:
Fill in the blanks.
The formula for calculating simple interest, I, is , where P is the , r is the , and t is the ?

The formula for calculating simple interest, I, is where P is the principal, r is the rate, and t is the

Transcript text: The formula for simple interest: Fill in the blanks. The formula for calculating simple interest, I, is $\qquad$ , where $P$ is the $\qquad$ $r$ is the $\qquad$ , and $t$ is the $\qquad$ ? The formula for calculating simple interest, I, is $\square$ where $P$ is the principal, $r$ is the $\square$ rate, and $t$ is the $\square$

Solution

Solution Steps

To fill in the blanks for the formula of simple interest, we need to identify the components of the formula. The formula for simple interest is $ I = P \times r \times t $, where $ P $ is the principal amount, $ r $ is the interest rate, and $ t $ is the time period.

Step 1: Identify the Variables

We have the following variables defined for the calculation of simple interest:

$ P = 1000 $ (Principal amount in dollars)
$ r = 0.05 $ (Interest rate)
$ t = 3 $ (Time period in years)

Step 2: Apply the Simple Interest Formula

The formula for calculating simple interest is given by: \[ I = P \times r \times t \] Substituting the values into the formula, we have: \[ I = 1000 \times 0.05 \times 3 \]

Step 3: Perform the Calculation

Calculating the expression: \[ I = 1000 \times 0.05 = 50 \] Then, \[ I = 50 \times 3 = 150 \]