a mother lends 6500.00 to her daughter for 6 months and charges 9% interest.?

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a mother lends 6500.00 to her daughter for 6 months and charges 9% interest.?

Find the interest charged on the loan? Please show

2007-10-06 09:43:37 · 4 answers · asked by Harley 1 in Education & Reference ➔ Financial Aid

4 answers

I'm assuming that you mean 9% annually.

$6500 X .09 X .5 ( half year) = $292.50

2007-10-06 09:48:19 · answer #1 · answered by Dee 4 · 0⤊ 0⤋

6500.00 x 0.09 = 585

585 is the interest
(7085 is the total charged - loan + interest)

You really need more info in your question - like is the interest monthly, annually etc???

2007-10-06 16:47:48 · answer #2 · answered by chubbysimba 2 · 0⤊ 0⤋

That's sad that a mother would charge her own kid interest on a loan.

2007-10-06 16:53:07 · answer #3 · answered by Your #1 fan 6 · 1⤊ 1⤋

Daughter could have gotten a better rate outside the family!

2007-10-06 23:12:03 · answer #4 · answered by atheleticman_fan 5 · 1⤊ 0⤋