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Answer :
To find the simple interest owed, we can use the simple interest formula, which is:
[tex]\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \][/tex]
1. Principal (P): The principal amount is the initial amount of money borrowed. In this case, it is \[tex]$940.
2. Rate (R): The rate of interest is given as a percentage. Here, the interest rate is 7.9%. To use it in our formula, we need to convert this percentage to a decimal by dividing it by 100. So, \(7.9\% = \frac{7.9}{100} = 0.079\).
3. Time (T): The time period for which the money is borrowed is given in years. Here, it is 5 years.
Now we substitute these values into the formula:
\[ \text{Interest} = 940 \times 0.079 \times 5 \]
Calculating the expression step-by-step:
- First, multiply 940 by 0.079:
\[
940 \times 0.079 = 74.26
\]
- Next, multiply the result by 5:
\[
74.26 \times 5 = 371.3
\]
Therefore, the simple interest owed is \$[/tex]371.30.
[tex]\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \][/tex]
1. Principal (P): The principal amount is the initial amount of money borrowed. In this case, it is \[tex]$940.
2. Rate (R): The rate of interest is given as a percentage. Here, the interest rate is 7.9%. To use it in our formula, we need to convert this percentage to a decimal by dividing it by 100. So, \(7.9\% = \frac{7.9}{100} = 0.079\).
3. Time (T): The time period for which the money is borrowed is given in years. Here, it is 5 years.
Now we substitute these values into the formula:
\[ \text{Interest} = 940 \times 0.079 \times 5 \]
Calculating the expression step-by-step:
- First, multiply 940 by 0.079:
\[
940 \times 0.079 = 74.26
\]
- Next, multiply the result by 5:
\[
74.26 \times 5 = 371.3
\]
Therefore, the simple interest owed is \$[/tex]371.30.
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