posted by Gregg on .
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
I = Prt = 2400 * 0.1/yr * (9/12)yrs = $180.
Remember, t must be in years:
9/12 = 3/4yr = 0.75 yr.
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
I NEED HELP NOW!!!!!!!!!!!!!!