Chapter 3 Assignment Answer the following questions, showing all your work for full marks. You may ask for clarification from your teacher, but you will not be given the answer. Total Marks: 22 Lesson 1 /2 1. What does each letter mean in the formula I=Prt? I = _______________ P = _______________ r = _______________ t= _______________ 2. You make an investment of $6742.25 with an interest rate of 3.2% for 4 years. /2 a. Calculate the simple interest earned. Hint: I = Prt P = $_________ r = __________ t = __________ Find __________ /1 b. Determine the accumulated amount of the investment at the end of the 4 years. Hint: A = P I 6. Chapter 3 Assignment Unit B: Interest 2 ADLC Mathematics 20-3 /3 3. Calculate the term (time) of a simple interest loan that has earned $58.87 in interest on a principal of $835.00 and an interest rate of 2.35%/year. Hint: I = Prt P = $__________ r = __________ I= $__________ Find __________ /3 4. Calculate the interest rate of a simple interest loan where a principal amount of $1245.00 has earned $158.74 in interest over 3 years. Hint: I = Prt P =