Solution Found!
In 18, the principal P is borrowed at simple interest rate
Chapter 8, Problem 6(choose chapter or problem)
QUESTION:
In Exercises 1 - 8, the principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year.
P = $18,000, r = 7.5%, t = 18 months
Questions & Answers
QUESTION:
In Exercises 1 - 8, the principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year.
P = $18,000, r = 7.5%, t = 18 months
ANSWER:Step 1 of 3
Given data:
Principal
Rate of interest
The time is
Since months is equal to a year, months will add to years, so