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Juan borrowed $ 3, 500 from a credit union for 6 years and was charged simple interest at a rate of 4.97 %. What is the amount of interest he paid at the end of the loan?

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Answer:

$4543.70

General Formulas and Concepts:

Pre-Algebra

  1. Order of Operations: BPEMDAS
  2. Brackets
  3. Parenthesis
  4. Exponents
  5. Multiplication
  6. Division
  7. Addition
  8. Subtraction
  • Left to Right

Algebra I

Simple Interest Rate Formula: [tex]\displaystyle A = P(1 + rt)[/tex]

  • P is principle amount
  • r is rate
  • t is time

Step-by-step explanation:

Step 1: Define

Identify

P = 3500

t = 6

r = 4.97% = 0.0497

Step 2: Find Interest

  1. Substitute in variables [Simple Interest Rate Formula]:                                 [tex]\displaystyle A = 3500(1 + 0.0497 \cdot 6)[/tex]
  2. (Parenthesis) Multiply:                                                                                      [tex]\displaystyle A = 3500(1 + 0.2982)[/tex]
  3. (Parenthesis) Add:                                                                                            [tex]\displaystyle A = 3500(1.2982)[/tex]
  4. Multiply:                                                                                                             [tex]\displaystyle A = 4543.7[/tex]

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