Question

simple interest problems
2-10-26
7th grade

1. elbert frank cox was the first black person to receive a phd in mathematics in the united states and in the world. once he got his degree, he borrowed $12,000 to buy a car. he borrows the money at a yearly interest rate of 4.2%. how much interest will he pay if he borrows the money for 5 years? use the formula $i = prt$

$(12,000)(0.042)(5)$
$2520$

Explanation:

Step1: Identify given values

Principal \(P = \$12,000\), Rate \(R = 4.2\% = 0.042\), Time \(T = 5\) years

Step2: Apply simple interest formula

Substitute values into \(I = P \times R \times T\)
\(I = 12000 \times 0.042 \times 5\)

Step3: Calculate the product

First compute \(12000 \times 0.042 = 504\), then \(504 \times 5 = 2520\)

Answer:

\(\$2520\)