SOLUTION: I need assistance in trying to show my work on the following problem. I know what the answer is, but i just dont know how to put it into an equation. You invest $80 at a simple

Algebra ->  Equations -> SOLUTION: I need assistance in trying to show my work on the following problem. I know what the answer is, but i just dont know how to put it into an equation. You invest $80 at a simple       Log On


   

Question 152590: I need assistance in trying to show my work on the following problem. I know what the answer is, but i just dont know how to put it into an equation.
You invest $80 at a simple annual interest rate of 2%. How much simple interest would you earn in 1.5 years? Use unit analysis to check the units in your response.
Thanks verry much
Miranda (8th grade)
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
I=PRT Start with the simple interest formula.


I=80%280.02%29%281.5%29 Plug in P=80, R=0.02 (note: 0.02=2%) and t=1.5


I=2.4 Multiply

So you'll earn $2.40 in interest after 1.5 years