Methods 2024_25_T TERM4 Bonchele Baham 01/23/25 9:15 PM 5-3 HW Question 5, 5.3.7 HW Score: $$ 44.44 \%, 4 $$ of 9 points Save Points: 0 of 1 Ron borrowed $$ \$ 30,000 $$ to start up his consulting business. The loan had a simple interest rate of $$ 6.3 \% $$ for 4 years. Use the formula $$ I= $$ prt to find the amount of interest he will pay on the loan. $$ I= $$ interest,$$ p= $$ principal, $$ r= $$ rate (expressed as a decimal 0.063 ), $$ t= $$ time in years.

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UpStudy AI · Accepted Answer

Sure, let's work through the problem step by step to find the amount of interest Ron will pay on his loan.

### **Problem Recap:**
- **Principal ($$ p $$)**: \$30,000
- **Interest Rate ($$ r $$)**: 6.3% per year (expressed as a decimal, 0.063)
- **Time ($$ t $$)**: 4 years
- **Formula**: $$ I = p \times r \times t $$

### **Solution:**

1. **Convert the Interest Rate to Decimal:**
   $$
   6.3\% = 0.063
   $$
   
2. **Plug the Values into the Formula:**
   $$
   I = 30,000 \times 0.063 \times 4
   $$
   
3. **Calculate the Interest:**
   - **First, multiply the principal by the rate:**
     $$
     30,000 \times 0.063 = 1,890
     $$
     
   - **Then, multiply the result by the time:**
     $$
     1,890 \times 4 = 7,560
     $$
   
4. **Final Answer:**
   $$
   \boxed{\$7,560}
   $$
   
### **Conclusion:**
Ron will pay **\$7,560** in interest over the 4-year period for his \$30,000 loan at a simple interest rate of 6.3%.

If you received a different score, ensure that:
- You've correctly converted the percentage to a decimal.
- You've multiplied all three values accurately.
- You've labeled your answer appropriately (e.g., specifying that it's the interest amount).

Let me know if you need further clarification or assistance!
Ron will pay \$7,560 in interest over 4 years on his \$30,000 loan at a 6.3% simple interest rate.

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