Posted by **Gregg** on Sunday, September 18, 2011 at 2:17pm.

Find the finance charge (interest) due on a 9-month loan of $2,400 at a simple interest rate of 10%.(Use the formula for simple interest: Interest Earned = Principal×Rate×Time)

(a)$ 18.00 (b)$ 1,800 (c)$ 180

(d)$ 1.80 (e)$ 18

I put in 2400*9*.10 and it equals 2160 so i don't get what i'm doing wrong for the problem

- Math -
**Henry**, Tuesday, September 20, 2011 at 5:44am
I = Prt = 2400 * 0.1/yr * (9/12)yrs = $180.

Remember, t must be in years:

9/12 = 3/4yr = 0.75 yr.

- Math -
**Anonymous**, Tuesday, December 13, 2011 at 11:51am
The simple interest formula is I = PxRxt Plug in the values and see what you come up with for the interest :o) P = loan amount R = rate T = time

- Math -
**Anonymous**, Sunday, December 30, 2012 at 1:26pm
zx\x\x\zx\z

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