You borrow $500 @ 14% simple int. how much do you owe after 9 months?

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You borrow $500 @ 14% simple int. how much do you owe after 9 months?

2007-03-22 15:14:44 · 3 answers · asked by sibthompson 1 in Education & Reference ➔ Homework Help

3 answers

The formula for simple interest is I=PRT where I is interest,P is the principal or amount of money, R is the rate,and T is the amount of time of the loan. Now just substitute the given information but you only want it for 9 months not a full year and that is where the 3/4 comes in. 9 months is 3/4 of a year. I=500x.14 x 3/4. 3/4 can be changed to .75. Multiply it all out. $52.50 is the answer.

2007-03-22 15:27:23 · answer #1 · answered by dpirsq2 5 · 0⤊ 0⤋

500 x .14 = $70; $70 x 3/4 = $52.50.

2007-03-22 15:19:49 · answer #2 · answered by Maryfrances 5 · 0⤊ 0⤋

500* (.14/12months per yr X 9months) = 25.50 +500

= 525.50

2007-03-22 15:22:40 · answer #3 · answered by lilbrowardchick 2 · 0⤊ 0⤋