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The financial officer of toys and noise arranges a loan of $7,500, at 8.5% interest, for 33 months. find the amount of simple interest. (round to the nearest cent)

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any answer things? :/
User Martin Omander
by
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5 votes

Answer:

The amount of simple interest is $1753.125.

Explanation:

Given : The financial officer of toys and noise arranges a loan of $7,500, at 8.5% interest, for 33 months.

To find : The amount of simple interest ?

Solution :

Simple interest formula is


SI=P* R* T

Where, SI is teh simple interest

P is the principal P=$7,500

R is the rate R=8.5%= 0.085

T is the time in years = 33 months

Convert into years,
T=(33)/(12)

Substitute all values in the formula,


SI=P* R* T


SI=7500* 0.085* (33)/(12)


SI=1753.125

Therefore, the amount of simple interest is $1753.125.

User Ray Hulha
by
8.0k points