13. Calculate the simple interest on a loan of $8000 at a flat rate of 7% p.a. over 18 months

Mousius asked Jul 18, 2023

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Mousius asked Jul 18, 2023

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14 votes

Answer: $840 was the interest

Explanation:

Simple interest formula:

Final = Initial Balance * (1+(interest * time))

Where time is in years

8000 * (1+((7)/(100) *(18)/(12))) = 8840

$8840 - 8000 = 840 interest was gained

AmBear answered Jul 22, 2023

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