Homework Help: math

Posted by tammy on Friday, July 6, 2012 at 7:39pm.

Suppose you borrow $4200 at an annual simple interest rate of 10.5% for a term of 18 months. How much simple interest will you owe? What is the total amount you will have to repay (maturity value)? i am not good at this one working on my problem

math - Ms. Sue, Friday, July 6, 2012 at 7:46pm
I = PRT

I = 4200 * 0.105 * 1.5

I = $661.50

661.5 + 4200 = ?
math - tammy, Friday, July 6, 2012 at 7:47pm
$4,861.50
math - Ms. Sue, Friday, July 6, 2012 at 7:48pm
Right!

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