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March 26, 2017

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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 - ,

    I = PRT

    I = 4200 * 0.105 * 1.5

    I = $661.50

    661.5 + 4200 = ?

  • math - ,

    $4,861.50

  • math - ,

    Right!

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