Find the simple interest on a loan of $34,500 at 6.9% interest for 11 months Give your answer to the nearest cent

Jberrio asked Sep 5, 2022

325,579 views

34 votes

Find the simple interest on a loan of $34,500 at 6.9% interest for 11 months

Give your answer to the nearest cent

Jberrio asked Sep 5, 2022

2.5k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

15 votes

Answer:

$2182.13

Explanation:

Simple interest (I) is calculated as

I =
(PRT)/(100) ( P is principal, R is rate of interest, T is time in years )

Here P = $34,500 , R = 6.9 and T =
(11)/(12) , then

I =
(34500(6.9)((11)/(12)) )/(100)

= 345 × 6.9 ×
(11)/(12)

= $2182.13

Sriraman answered Sep 12, 2022

2.9k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers