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Suppose you obtain a $1,300 T-note with a 9% annual rate, paid monthly, with maturity in 6 years. How much interest will be paid to you each month?

2 Answers

1 vote
We know that,
Interest, I =
(P×R×T)/(100)
Where, P = Principal = $1300
R = rate of interest = 9% annually =
(9)/(12)%
T = Time = 1 month

So, I =
\frac{1300×[tex] (9)/(12)×1}{100} [/tex]
= $9.75

Interest paid per month is $9.75
User Olivea
by
7.6k points
4 votes

Answer:

simple interest = $9.75

Explanation:

given data:

Principle = $1300

annual rate = 9%
= (9)/(`12) = 0.75

time = 6 year =

we knwo that simple interest is given as

Simple interest
= (P* R* T)/(100)

FOR ABOVE QUESTION

Time is 1 month

simple interest
= (1300* 0.75 * 1)/(100)

simple interest = $9.75

User Daniel Uzunu
by
7.6k points

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