Determine the simple interest paid after 3 months on a loan of 9,700 dollars borrowed at an annual interest rate of 11%.

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asked Jan 6, 2016 55.3k views

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Daszlosek · Answer 1 · 2016-01-11T11:14:08+0000

Multiply $9700 by 11% to get the annual interest, then divide by 12 months in year and multiply by # of months. 9700 * .11 = 1067 1067/12 = 88.9166666 88.9166666*3= $266.75

Determine the simple interest paid after 3 months on a loan of 9,700 dollars borrowed at an annual interest rate of 11%.

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