1.) A man invested $600 at 8% per annum for 5 years. Calculate: a.) The simple interest payable b.) The total amount of money the man collected at the end of the 5-year period. 2.) Mr. Ford invested $12 450 in a bank at 7.25% per annum simple interest for 6 years. Calculate: a.) The interest he was paid b.) The total of amount of money he would have received at the end of the period of investment. 3.) The simple on $15 000 for 9 years is interest is paid when $800 is invested for 5 years.

Answer:

Following are the solution to this question:

Step-by-step explanation:

Using formula:

[tex]\text{Simple Interest} = \frac{P \times R \times T}{100} \\\\\text{ Total amount} = \text{principle}+ \text{Simple Interest}[/tex]

In question (1):

[tex]Principle= \$ 600\\Rate = \ 8 \%\\Time= \ 5[/tex]

In point a:

[tex]\to \frac{P \times R \times T}{100} \\\\\to \frac{(600 \times 8 \times 5)}{100}\\\\ \to 240[/tex]

In point b:

[tex]\to amount = principle \ +\ simple \ interest[/tex]

                 [tex]= 600 + 240 \\\\= 840[/tex]

In question (2):

[tex]Principle= \$ 12,450\\Rate = \ 7.25 \%\\Time= \ 6[/tex]

In point a:

[tex]\to \frac{P \times R \times T}{100} \\\\\to \frac{(12,450 \times 7.25 \times 6)}{100}\\\\ \to 5,415.75[/tex]

In point b:

[tex]\to amount = principle \ +\ simple \ interest[/tex]

                 [tex]= 12,450 + 5,415.75 \\\\= 17,865.75[/tex]

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