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 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 1:08am
principle= rate x time
$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
- 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
More Related Questions
- Maths - Solve the problem. Assume that simple interest is being calculated. ...
- Check my answers - Question 1.Choose the answer that identifies the case of the...
- Math for Ms. Sue Or Steve - Use an equation to solve the problem. 1. What is 57...
- Business Math - Compute the simple interest. Assume 1 month to be of a year. ...
- Math - Use an equation to solve the problem. 1. What is 57% of 11? (1 point) 11...
- 7th grade math Ms. Sue please - Multiple Choice Use an equation to solve the ...
- Math - With the stars (*) next 2 the #'s are my answers! ! ! 1) Find the percent...
- Math - the principle B is borrowed at a simple interest rate r for a period of ...
- Business Math - Raimo borrowed $760 from Chris on October 10 and agreed to ...
- math - Calculate the monthly payment necessary to retire a 3-year simple-...