Sunday
March 26, 2017

Post a New Question

Posted by on .

October 17, I borrowed $6,000.00 at a rate of 4%. I have to repay the loan in 7 months. What is the simple interest and the total amount owed upon maturity?

  • Business Math - ,

    I = PRT (Interest = Principal * Rate * Time)

    .04 interest/yr = .003 mo (.04/12)
    I = 6000 * 0.003 * 7

    You can take it from here.

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question