danielle borrowed $125 to pay for school books. she needs to pay it back with interest in 2 years. danielle…
danielle borrowed $125 to pay for school books. she needs to pay it back with interest in 2 years. danielle wants to figure out how much interest she will owe. what additional information does she need?\nprincipal\namount of time\ninterest\ninterest rate
Answer
Explanation:
Step1: Recall interest - formula
The simple - interest formula is $I = Prt$, where $I$ is the interest, $P$ is the principal amount, $r$ is the interest rate, and $t$ is the time in years.
Step2: Identify given values
We know that $P=$125$ and $t = 2$ years.
Step3: Determine missing value
To find $I$, we need to know the value of $r$ (the interest rate).
Answer:
interest rate