Question

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

Answer 1

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.