Question

Oliver borrowed $2,000 to purchase a riding lawn mower for his lawn care business. The bank offered him an interest rate of 13% for 9 months. Calculate the simple interest using I = prt.

$195
$260
$1,500
$2,340

Answer 1

Answer:(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195(a) $195

Explanation:

Answer 2

(a) $195

Explanation:

You want the simple interest on a $2000 loan at 13% for 9 months.

Interest

You are given the formula. Use the given values and do the arithmetic.

I = Prt

I = ($2000)(0.13)(9/12) . . . . . . . t is in years; 9 months is 9/12 of a year

I = $195

The simple interest is $195, choice A.

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