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

- 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...
- math-finance - 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 ...
- Business law - Information which comes to the knowledge of an agent is: a) ...
- buissness math - Determine the total in Dexter's account after the second month ...
- chemistry - is this the right anser? for this problem please let me know thanks ...
- chemistry/please double check - Hi, I just need to know if I finally got this ...

More Related Questions