Wednesday

August 20, 2014

August 20, 2014

Posted by **Alex** on Thursday, August 19, 2010 at 12:00am.

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.

Martin takes out a simple-interest 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 1:08amprinciple= rate x time

p=rt

$69.64=7.5% x t

solve for t

- Math -
**Alex**, Thursday, August 19, 2010 at 2:06amBut 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 2:53amAllison'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

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