A home builder obtained a preconstruction loan of $50,000 for 8 months at an annual interest rate of 9.5%. What is the simple interest due on the loan?

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asked Jun 27, 2017 130k views

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A home builder obtained a preconstruction loan of $50,000 for 8 months at an annual interest rate of 9.5%. What is the simple interest due on the loan?

Mathematics
college

Locke asked

by Locke

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1 Answer

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Annual interest
50000 * (9.5 / 100)
4750

Interest for 12 months = 4750
Interest for 8 months
(4750/12) * 8
$ 3166.67

Lyokolux answered Jul 2, 2017

by Lyokolux

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