Question

finding an amount paid find the amount paid for the loan. 26. $1500 at 9% for 2 years 27. $2000 at 12% for 3

Explanation:

Problem 26:

Step1: Identify the formula for simple interest

The formula for simple interest is $I = P \times r \times t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal), and $t$ is the time in years. Then, the amount $A$ is $A = P + I$.

Step2: Convert the interest rate to decimal

Given $r = 9\% = 0.09$, $P = \$1500$, and $t = 2$ years.

Step3: Calculate the simple interest

$I = 1500 \times 0.09 \times 2 = 1500 \times 0.18 = 270$

Step4: Calculate the amount

$A = 1500 + 270 = 1770$

Step1: Identify the formula for simple interest

The formula for simple interest is $I = P \times r \times t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal), and $t$ is the time in years. Then, the amount $A$ is $A = P + I$. (Assuming the time is 3 years as it's cut off but likely from the context)

Step2: Convert the interest rate to decimal

Given $r = 12\% = 0.12$, $P = \$2000$, and $t = 3$ years (assumed).

Step3: Calculate the simple interest

$I = 2000 \times 0.12 \times 3 = 2000 \times 0.36 = 720$

Step4: Calculate the amount

$A = 2000 + 720 = 2720$

Answer:

$\$1770$

Problem 27: