128k views
2 votes
How many simple interest accrues on a $5,000 loan at 8% for 18 months?

User Vanhooser
by
7.7k points

1 Answer

3 votes

Answer:

$600

Explanation:

A = P(1 + rt)

P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.

A= 5,000(1+ 0.08x1.5) = $5600

User Djblois
by
7.6k points