calculate the simple intrest on a loan of $18,500 at 11% intrest for 18 months
is it 36,630.00
No, not even close
That would be about twice the original principal, in only 1.5 years!
Calculate 0.11 x 18,500 x 1.5 for the correct answer.
wow, maybe they worked at Fannie May at one time.
what is the GCF of 60 and 84?
To calculate the simple interest on a loan, you can use the formula:
Simple Interest = Principal × Rate × Time
In this case, the principal (loan amount) is $18,500, the interest rate is 11%, and the time period is 18 months.
To get the answer, plug in the values into the formula:
Simple Interest = $18,500 × 0.11 × (18/12)
Now let's solve this equation step by step:
1. Convert the rate from a percentage to a decimal: 11% = 0.11.
2. Convert the time period from months to years: 18 months = 18/12 = 1.5 years.
Now, let's substitute the values:
Simple Interest = $18,500 × 0.11 × 1.5
Calculating this equation:
Simple Interest = $3,037.50
So, the simple interest on a loan of $18,500 at 11% interest for 18 months is $3,037.50, not $36,630.00.