Math / Algebra

QuestionJose deposits $\$ 5000$ into an account that pays simple interest at a rate of $5 \%$ per year. How much interest will he be paid in the first 4 years? s! $\square$

Studdy Solution

STEP 1

1. Jose deposits $5000 into an account.<br />2. The account pays simple interest at a rate of$ 5\%$ per year.
3. We need to calculate the interest paid in the first 4 years.

STEP 2

1. Understand the formula for simple interest.
2. Identify the given values.
3. Substitute the values into the formula.
4. Calculate the interest.

STEP 3

Understand the formula for simple interest. The formula for simple interest is given by:
$I = P \times r \times t$
where $I$ is the interest, $P$ is the principal amount, $r$ is the rate of interest per year, and $t$ is the time in years.

STEP 4

Identify the given values from the problem:
- Principal amount, $P = 5000$ - Rate of interest, $r = 5\% = 0.05$ (as a decimal) - Time, $t = 4$ years

STEP 5

Substitute the values into the simple interest formula:
$I = 5000 \times 0.05 \times 4$

STEP 6

Calculate the interest:
$I = 5000 \times 0.05 \times 4 = 1000$
Jose will be paid $\$ 1000$ in interest in the first 4 years.

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QuestionJose deposits $\$ 5000$ into an account that pays simple interest at a rate of $5 \%$ per year. How much interest will he be paid in the first 4 years? s! $\square$

Studdy Solution

STEP 1

1. Jose deposits $5000 into an account.<br />2. The account pays simple interest at a rate of$ 5\%$ per year.
3. We need to calculate the interest paid in the first 4 years.

STEP 2

1. Understand the formula for simple interest.
2. Identify the given values.
3. Substitute the values into the formula.
4. Calculate the interest.

STEP 3

Understand the formula for simple interest. The formula for simple interest is given by:
$I = P \times r \times t$
where $I$ is the interest, $P$ is the principal amount, $r$ is the rate of interest per year, and $t$ is the time in years.

STEP 4

Identify the given values from the problem:
- Principal amount, $P = 5000$ - Rate of interest, $r = 5\% = 0.05$ (as a decimal) - Time, $t = 4$ years

STEP 5

Substitute the values into the simple interest formula:
$I = 5000 \times 0.05 \times 4$

STEP 6

Calculate the interest:
$I = 5000 \times 0.05 \times 4 = 1000$
Jose will be paid $\$ 1000$ in interest in the first 4 years.

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QuestionJose deposits $5000\$ 5000$5000 into an account that pays simple interest at a rate of 5%5 \%5% per year. How much interest will he be paid in the first 4 years? s! □\square□

Studdy Solution

STEP 1

1. Jose deposits 5000intoanaccount.<br/>2.Theaccountpayssimpleinterestatarateof5000 into an account.<br />2. The account pays simple interest at a rate of 5000intoanaccount.<br/>2.Theaccountpayssimpleinterestatarateof5\%$ per year.3. We need to calculate the interest paid in the first 4 years.

STEP 2

1. Understand the formula for simple interest.2. Identify the given values.3. Substitute the values into the formula.4. Calculate the interest.

STEP 3

Understand the formula for simple interest. The formula for simple interest is given by:I=P×r×t I = P \times r \times t I=P×r×twhere I I I is the interest, P P P is the principal amount, r r r is the rate of interest per year, and t t t is the time in years.

STEP 4

Identify the given values from the problem:- Principal amount, P=5000 P = 5000 P=5000 - Rate of interest, r=5%=0.05 r = 5\% = 0.05 r=5%=0.05 (as a decimal) - Time, t=4 t = 4 t=4 years

STEP 5

Substitute the values into the simple interest formula:I=5000×0.05×4 I = 5000 \times 0.05 \times 4 I=5000×0.05×4

STEP 6

Calculate the interest:I=5000×0.05×4=1000 I = 5000 \times 0.05 \times 4 = 1000 I=5000×0.05×4=1000Jose will be paid $1000\$ 1000$1000 in interest in the first 4 years.

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QuestionJose deposits $\$ 5000$ into an account that pays simple interest at a rate of $5 \%$ per year. How much interest will he be paid in the first 4 years? s! $\square$

1. Jose deposits $5000 into an account.<br />2. The account pays simple interest at a rate of$ 5\%$ per year.
3. We need to calculate the interest paid in the first 4 years.

1. Understand the formula for simple interest.
2. Identify the given values.
3. Substitute the values into the formula.
4. Calculate the interest.

Understand the formula for simple interest. The formula for simple interest is given by:
$I = P \times r \times t$
where $I$ is the interest, $P$ is the principal amount, $r$ is the rate of interest per year, and $t$ is the time in years.

Identify the given values from the problem:
- Principal amount, $P = 5000$ - Rate of interest, $r = 5\% = 0.05$ (as a decimal) - Time, $t = 4$ years

Substitute the values into the simple interest formula:
$I = 5000 \times 0.05 \times 4$

Calculate the interest:
$I = 5000 \times 0.05 \times 4 = 1000$
Jose will be paid $\$ 1000$ in interest in the first 4 years.