Ignacio obtains a loan of $9,500, at 8.75% interest, for months. Find the amount of simple interest. (Round to the nearest cent) $598.78 $658.07 $701.36 $825.55


The answer I got was $658.07, is that right?

How many months?

To find the amount of simple interest, we can use the formula:

Simple Interest = Principal * Interest Rate * Time

In this case, the principal (P) is $9,500 and the interest rate (R) is 8.75%.

Now, you mention that the loan is for "months," but you didn't provide the number of months. Please provide the duration so that we can calculate the correct amount of simple interest.

To calculate the simple interest, you need to use the formula:

Simple Interest = Principal × Rate × Time

In this case, the principal (loan amount) is $9,500 and the interest rate is 8.75%. However, the time in months is missing from the question. Without the time period, we cannot accurately calculate the simple interest.

Could you please provide the number of months for which the loan is taken?