17-07-2017
Mathematics

contestada

how much interest will have to be paid on a loan of $18467 for 8 months at a simple interest rate of 12.6% per year? round to the nearest cent

Respuesta :

mathmate mathmate

17-07-2017

Simple interest = PitwhereP=principal= 18467i=annual interest rate=12.6%=0.126t=time in years=8/12=2/3

Therefore
interest = 18467*0.126*2/3=$1551.23 after 8 months

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