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In 18, the principal P is borrowed at simple interest rate

Chapter 8, Problem 6

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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

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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

 

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