Posted by Alex on Thursday, August 19, 2010 at 12:00am.
Choose the one alternative that best completes the statement or answers the question.
Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.
Martin takes out a simpleinterest loan at 7.5 %. After 6 months, the amount of interest on the loan is $69.64. What was the amount of the loan?
I do not understand how to do this homework question can someone please help me to understand how to figure this one out thank you so much

Math  Allison, Thursday, August 19, 2010 at 1:08am
principle= rate x time
p=rt
$69.64=7.5% x t
solve for t

Math  Alex, Thursday, August 19, 2010 at 2:06am
But how do you figure out T?
Out of the multiple choice answer nothing is coming close to one of the answers
these are the multiple choice answers
A)
$2116.98
B)
$18.57
C)
$1857
D)
$1818.44

Math  drwls, Thursday, August 19, 2010 at 2:53am
Allison's equation is wrong.
interest earned = P*i*t, where t = 0.5 years, P is the original loan amount, and i = 0.075 is the annual interest rate.
69.64 = 0.0375 P
P = $1857
Answer This Question
Related Questions
 Maths  Solve the problem. Assume that simple interest is being calculated. ...
 math  Calculate the monthly payment necessary to retire a 3year simple...
 Math for Ms. Sue Or Steve  Use an equation to solve the problem. 1. What is 57...
 Math  the principle B is borrowed at a simple interest rate r for a period of ...
 business Math  You were offered the opportunity to purchase either a simple ...
 MATH  Martin takes out a simpleinterest loan at 7.5 %. After 6 months, the ...
 Business Math  Compute the simple interest. Assume 1 month to be of a year. ...
 Business Math  Ignacio obtains a loan of $9,500, at 8.75% interest, for months...
 math  Belle had the choice of taking out a four year car loan at 8.5% simple ...
 Business Math  Raimo borrowed $760 from Chris on October 10 and agreed to ...
More Related Questions