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