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

## Answer this Question

## Related Questions

- math - the total amount of interest on this loan of $6000 for 150 days is $210....
- math - a formula for calculating simple interest is I = Pr, were I is the ...
- Simple interest - Find the simple interest earned to the nearest cent for each ...
- math,algebra - Is this correct Business and finance. The simples interest I on a...
- math - if a loan is given for 2,500 for 1 year and the interest charged is 275 ...
- Math - Pre Algebra - Simple and Compound Interest Find the simple interest. ...
- Math - Mr. Nielson wants to borrow $1,000 for 2 years. He is given the choice of...
- Math - Interest is a concept familiar to most people: every credit card in ...
- Math - How do I find the exact interest on a loan for $3000 with a simple ...
- Math - 1. Jacksonville Technical College received $3,445,553 in state aid on ...