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rrowed
$3,500 for 3 years at
71//2% erest rate. How much interest is that?
.50

$4,287.50

50

$810

rrowed $\$ 3,500$ for $3$ years at $71 / 2 \%$ erest rate. How much interest is that? $\newline$ . $50$ $\newline$ $\$ 4,287.50$ $\newline$ $50$ $\newline$ $\$ 810$

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Finance problems

Full solution

Q. rrowed

\$ 3,500

for

3

years at

71 / 2 \%

erest rate. How much interest is that?

\newline

.

50

\newline

\$ 4,287.50

\newline

50

\newline

\$ 810

Identify Details: Identify the principal amount, the time period, and the interest rate. $\newline$ Principal amount $P$ = $\$3,500$ $\newline$ Number of years $N$ = $3$ $\newline$ Interest rate $R$ = $7.5\%$
Calculate Interest: Calculate the interest using the formula for simple interest: Interest $I$ = $\frac{P \times N \times R}{100}$ . $\newline$ $I = \frac{3500 \times 3 \times 7.5}{100}$
Perform Calculation: Perform the calculation. $\newline$ $I = (3500 \times 3 \times 7.5) / 100$ $\newline$ $I = (26250) / 100$ $\newline$ $I = 262.5 \times 3$ $\newline$ $I = 787.5$
Verify Accuracy: Verify the calculation for any mathematical errors. $\newline$ $\$3,500 \times 3 \text{ years} \times 7.5\% = \$787.5$ $\newline$ This calculation is correct.

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