Posted by JC on Saturday, June 4, 2011 at 7:37pm.
Please confirm if I did this correctly:
What is the Principal?
Principal $21250
X 10%
2,125
What is the total amount paid by the consumer?
2,125
x 3.5 years
7,437.5
+21,250.0
28,687.50

Business Math  Reiny, Saturday, June 4, 2011 at 7:51pm
What is your question?
From the disconnected pieces of arithmetic , are we finding the amount due after 3/5 years at simple interest of 10% on a loan of $21250 ?
That would be 21250 + (.1)(3.5)(21250) = 28687.50
Very unusual to have "simple interest" on a time longer than 1 year. Compound interest would be the norm
Answer This Question
Related Questions
 Math  Suppose you borrowed $25,000 for a car at an APR of 8%, which you are ...
 Math  Suppose you have student loans totaling $10,500 when you graduate from ...
 math  Consider a student loan of $17,500 at a fixed APR of 9% for 25 years. ...
 Math  Compound Interest A Interest paid on the principal and the interest of a ...
 Consumer math !!!! please check  Determine the total in Dexter's account after...
 Economics  How do I figure out the principal in the equation principal X rate X...
 mathfinance  Colin borrowed some money at 7.16%?a compounded quarterly. three ...
 reading/language please check  *principle or principal(do these make sense?) ...
 math  The amount of money in an account with continuously compounded interest ...
 Math  Find the amount in an account if $2000 is invested at 6.125%, compounded ...
More Related Questions