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March 28, 2017

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

    I = Prt = 2400 * 0.1/yr * (9/12)yrs = $180.

    Remember, t must be in years:
    9/12 = 3/4yr = 0.75 yr.

  • Math - ,

    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 - ,

    zx\x\x\zx\z

  • Math - ,

    I NEED HELP NOW!!!!!!!!!!!!!!

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