Question

find the value of i given that p = 500, r = 0.12, and t = 2. i = prt (simple interest) i = \square

Explanation:

Step1: Identify the formula and values

The formula for simple interest is \( I = prt \), where \( p = 500 \), \( r = 0.12 \), and \( t = 2 \).

Step2: Substitute the values into the formula

Substitute \( p = 500 \), \( r = 0.12 \), and \( t = 2 \) into \( I = prt \):
\( I = 500\times0.12\times2 \)

Step3: Perform the multiplication

First, multiply \( 500\times0.12 \): \( 500\times0.12 = 60 \)
Then, multiply the result by 2: \( 60\times2 = 120 \)

Answer:

120