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Not sure if I did this right not sure if I am mixing up the formula

Not sure if I did this right not sure if I am mixing up the formula-example-1
Not sure if I did this right not sure if I am mixing up the formula-example-1
Not sure if I did this right not sure if I am mixing up the formula-example-2
User Jose B
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1 Answer

6 votes

As given by the question

There are given that the borrow ammount is $1500 and annual interest rate is 10.75%.

Now,

(a):

From the formula of simple interest for month ;


SI=(p* r* t)/(100*12)

Then,

Put the value of p, r, and t into the above formula:


\begin{gathered} SI=(p* r* t)/(100*12) \\ SI=(1500*10.75*18)/(100*12) \end{gathered}

Then,


\begin{gathered} SI=(1500*10.75*18)/(100*12) \\ SI=(1500*10.75*18)/(100*12) \\ SI=241.875 \end{gathered}

Hence, the total interest paid is 241.875.

User Blobmaster
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