Question

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)

Answer 1

any answer things? :/

Answer 2

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.