Questions: Find the simple interest I on a principal P of 6,000 if the rate R is 3.5% and the time T is 8 years. I varies jointly as R and T and the principal P is the constant of variation.

Solution Steps

To find the simple interest $I$, we use the formula for simple interest: $I = P \times R \times T$. Here, $P$ is the principal amount, $R$ is the rate of interest per year, and $T$ is the time in years. The rate should be converted from a percentage to a decimal before performing the calculation.

We are given the following values:

• Principal $P = 6000$
• Rate of interest $R = 3.5\% = 0.035$
• Time $T = 8$ years

The formula for simple interest is given by: $$I = P \times R \times T$$

Substituting the known values into the formula, we have: $$I = 6000 \times 0.035 \times 8$$

Calculating the above expression: $$I = 6000 \times 0.035 \times 8 = 1680$$

Final Answer