Homework Help: business math

Posted by Susan on Tuesday, March 12, 2013 at 4:04pm.

Janet Home went to Citizens Bank. She borrowed $7,000 at a rate of 8 percent. The date of the loan was Sept 20. Janet hoped to repay the loan on Jan.20. Assuming the loan is based on ordinary interest, Janet will pay back interest on Jan.20 is?

business math - Ms. Sue, Tuesday, March 12, 2013 at 6:07pm
I = PRT

I = 7,000 * 0.08 * 0.333

Answer this Question

Related Questions

math - Janet Home went to Citizen Bank. She borrowed $7,000 at a rate of 8 ...
math - Janet Home went to Citizen Bank. She borrowed $7,000 at a rate of 8 ...
business math - Joan Roe Borrowed $85,000 at a rate of 113/4 percent. The date ...
Fin - Midland Chemical Co is negotiating a loan from Manhattan Bank and Trust. ...
Finance - Your firm is considering the following three alternative bank loans ...
finance - The banks offers a rate of 8 1/4 percent with a 20percentcompensating ...
Economics - The owners of a successful restaurant want a loan for $50,000 to ...
Business Finance - Assume a bank loan requires a interest payment of $85 per ...
Finance - You just borrowed $15,000 from a bank. If you pay $4,000 at the end of...
Math - Richard borrowed 180000 dollars from his bank to help finance the ...

For Further Reading

First Name:
School Subject:
Answer: