Solve the Given Problem, Using the Formula $I = P R T :$

question 28

Multiple Choice

Solve the given problem, using the formula $I = P R T :$ Find the simple interest paid on a Ioan of $\$ 1,200$ at $8 \frac { 1 } { 4 } \%$ interest for 5 years.

• A)$49.50
• B)$4.95
• C)$495
• D)$4,950

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Definitions:

Repair People

Individuals or workers specialized in fixing and maintaining machinery, equipment, or facilities.

Marginal Revenue Product

The additional revenue generated from using one more unit of a factor of production or input.

Mechanics

The branch of physics that deals with the behavior of physical bodies when subjected to forces or displacements and the subsequent effects of the bodies on their environment.

Profit

The financial gain made in a transaction or through business operations after subtracting all expenses.