document.write( "Question 488896: what is the interest if the Principal is $720, the Rate is 5 1/4% and the Time is 3 years? \n" ); document.write( "

Algebra.Com's Answer #852353 by ikleyn(52957) $\"\"$ $\"About$

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\n" ); document.write( "what is the interest if the Principal is $720, the Rate is 5 1/4% and the Time is 3 years?
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\n" ); document.write( "\n" ); document.write( "        Tutor @Theo treats this problem as discretely compound or continuously compound,
\n" ); document.write( "        but NOTHING in this problem points to these ways compounding.\r
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\n" ); document.write( "\n" ); document.write( "        In my view, there is NO COMPOUNDING in this problem, at all,\r
\n" ); document.write( "\n" ); document.write( "        and by default, we should treat this problem as simple interest.\r
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document.write( "For simple interest, the formula for the interest is\r\n" );
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document.write( "    I = P*r*t,\r\n" );
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document.write( "where P is the principal, r is the rate as the decimal and 't' is time in years.\r\n" );
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document.write( "So, we substitute the input values into this formula, and we get for the interest\r\n" );
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document.write( "    i = 720*0.0525*3 = 113.40 dollars.\r\n" );
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document.write( "ANSWER.  The interest is $113.40.\r\n" );
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