To solve the problems step by step:
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Correct formula for calculating simple interest: The formula for calculating simple interest \( I \) is given by: \[ I = P \times r \times t \] where:
- \( P \) is the principal amount (the initial amount borrowed).
- \( r \) is the annual interest rate (in decimal form).
- \( t \) is the time (in years).
In this case:
- \( P = 3400 \)
- \( r = 8% = 0.08 \)
- \( t = 9 \text{ months} = \frac{9}{12} = 0.75 \text{ years} \)
Therefore, the correct formula to calculate the amount of simple interest Kyle will owe is: \[ I = 3400 \times 0.08 \times 0.75 \]
The corresponding response among the options is: I = 3400 • .08 • .75
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Convert 9.5% into decimal form: To convert percent to decimal, divide the percentage by 100: \[ 9.5% = \frac{9.5}{100} = 0.095 \] The correct response is: 0.095
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Calculating the amount of interest Kyle will owe: Using the formula: \[ I = 3400 \times 0.08 \times 0.75 \] First, calculate \( 0.08 \times 0.75 \): \[ 0.08 \times 0.75 = 0.06 \] Now multiply by the principal: \[ I = 3400 \times 0.06 = 204 \]
So the amount of interest Kyle will owe is: $204
In summary:
- The correct formula for simple interest is I = 3400 • .08 • .75.
- The decimal form of 9.5% is 0.095.
- The amount of interest Kyle will owe is $204.