Business Math

posted by .

October 17, I borrowed $6,000.00 at a rate of 4%. I have to repay the loan in 7 months. What is the simple interest and the total amount owed upon maturity?

  • Business Math -

    I = PRT (Interest = Principal * Rate * Time)

    .04 interest/yr = .003 mo (.04/12)
    I = 6000 * 0.003 * 7

    You can take it from here.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    Sal borrowed $2,000 for six months at 11.5% simple interest. What was the total amount he had to repay?
  2. Math

    Jared obtained a simple interest loan for 1200 at a credit union at an annual interest rate o f 5.5%. if Jared paid $1430 to repay the loan, for how many months, was the money borrowed ?
  3. Simple Interest & Maturity Value

    On September 7, Jennifer Rick went to Park Bank to borrow $3,200 at 11 2/3% interest. Jennifer plans to repay the loan on January 5. Assume the loan is on ordinary interest (ordinary interest uses 360 days a year). Solving for: 1. …
  4. math

    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?
  5. Math

    Raimo borrowed $750 from Chris on October 30 and agreed to repay the debt with simple interest at the rate of 12.3% on May 10. How much interest was owed on May 10?
  6. business math

    . Ludwig borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method?
  7. Business Math

    Raimo borrowed $760 from Chris on October 10 and agreed to repay the debt with simple interest at the rate of 4.4% on May 11. How much interest was owed on May 11?
  8. maths

    Raimo borrowed $830 from Chris on October 19 and agreed to repay the debt with simple interest at the rate of 5.1% on May 18. How much interest was owed on May 18?
  9. Financial maths year 9

    Sophie borrowed $2000 at a simple interest rate of 15% for 3 years to repay the loan and has $900 in interest. If Sophie's interest was calculated at the same rate on the balance owing, how much would she have owed after 6 months if …
  10. Maths

    Sophie borrowed $2000 at a simple interest rate of 15% for 3 years to repay the loan and has $900 in interest. If Sophie's interest was calculated at the same rate on the balance owing, how much would she have owed after 6 months if …

More Similar Questions