Find the simple interest on a loan of $35,000 at 9% interest for 10 months Give your answer to the nearest cent

Understand formula for simple interest: Understand the formula for simple interest. Simple interest can be calculated using the formula I = PRT, where I is the interest, P is the principal amount, R is the annual interest rate (in decimal form), and T is the time in years.Convert annual interest rate to decimal: Convert the annual interest rate to a decimal. The annual interest rate is 9%, so as a decimal, R = 9/100 = 0.09.Convert time from months to years: Convert the time from months to years. Since there are 12 months in a year, 10 months is 10/12 years. So, T = 10/12.Calculate simple interest using values: Calculate the simple interest using the values. Now we have P = $35,000, R = 0.09, and T = 10/12. Plugging these into the formula gives us I = PRT = 35000 * 0.09 * (10/12).Perform the calculation: Perform the calculation. I = 35000 * 0.09 * (10/12) = 35000 * 0.09 * 0.8333... (approximately) I ≈ 35000 * 0.075 = 2625Round result to nearest cent: Round the result to the nearest cent. The interest calculated is approximately $2625. Since we are asked to give the answer to the nearest cent, we do not need to round further as the result is already in whole dollars.

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Find the simple interest on a loan of
$35,000 at
9% interest for 10 months
Give your answer to the nearest cent

Find the simple interest on a loan of $\$ 35,000$ at $9 \%$ interest for $10$ months $\newline$ $\$$ ___________ $\newline$ Give your answer to the nearest cent

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Q. Find the simple interest on a loan of

\$ 35,000

9 \%

interest for

10

months

\newline

\$

___________

\newline

Give your answer to the nearest cent

Understand formula for simple interest: Understand the formula for simple interest. Simple interest can be calculated using the formula $I = PRT$ , where $I$ is the interest, $P$ is the principal amount, $R$ is the annual interest rate (in decimal form), and $T$ is the time in years.
Convert annual interest rate to decimal: Convert the annual interest rate to a decimal. $\newline$ The annual interest rate is $9\%$ , so as a decimal, $R = \frac{9}{100} = 0.09$ .
Convert time from months to years: Convert the time from months to years. $\newline$ Since there are $12$ months in a year, $10$ months is $\frac{10}{12}$ years. So, $T = \frac{10}{12}.$
Calculate simple interest using values: Calculate the simple interest using the values. $\newline$ Now we have $P = \$35,000$ , $R = 0.09$ , and $T = \frac{10}{12}$ . Plugging these into the formula gives us $I = PRT = 35000 \times 0.09 \times \left(\frac{10}{12}\right)$ .
Perform the calculation: Perform the calculation. $\newline$ $I = 35000 \times 0.09 \times \left(\frac{10}{12}\right) = 35000 \times 0.09 \times 0.8333\ldots$ (approximately) $\newline$ $I \approx 35000 \times 0.075 = 2625$
Round result to nearest cent: Round the result to the nearest cent. $\newline$ The interest calculated is approximately $\$2625$ . Since we are asked to give the answer to the nearest cent, we do not need to round further as the result is already in whole dollars.