For a given interest​ rate, simple interest varies jointly as the principal and time. If ​$1000 left in an account for 6 years earned interest of ​$360​, then how much interest would be earned in 7 ​years?

rubinowyac

rubinowyac

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2022-08-30

For a given interest​ rate, simple interest varies jointly as the principal and time. If ​$1000 left in an account for 6 years earned interest of ​$360​, then how much interest would be earned in 7 ​years?

Answer & Explanation

Javier Mathis

Javier Mathis

Beginner2022-08-31Added 7 answers

S I = P R T 100
P = Principal amount
SI = simple interest
R= Rate
T = Time
so, 360 = 1000 × R × 6 100 R = 360 × 100 6 × 1000 = 6 %
So S.I in 7 years = 1000 × 6 × 7 100 = $ 420

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