# math

posted by .

you borrow \$1200 from a bank that bank charges 9.5% simple annual interest. after 15 months you pay back the loan. how much interest do you pay on the loan? what is the total amount that you pay the bank.

• math -

interest is 1200*0.095*(15/12) = 142.50

• math -

steve where did you get the (15/12) from?

## Similar Questions

1. ### math

jessica borrow\$9000 from the bank to purchase a used car.the bank has given her an interest rate of 7.5%annually for a period of 2 1/2 year what is the total amount she will have to pay back at the end of the loan A)\$1687.50 b)\$9,000 …
2. ### Math

Maya bought a car for \$15,000. To pay for it, she took a bank add-on interest loan at an annual interest rate of 9%. The loan term is 5 years. How much interest will she pay and what are her monthly payments?
3. ### Loan

Borrower Brown borrowed \$8,000 from the bank. He will pay 6% simple interest on the remaining balance of the loan in semi-annual equal PRINCIPAL payments for four years. How much total interest will Borrower Brown pay over the life …
4. ### math

Sonja needs to borrow \$2,251 to pay for her college classes. Sallie Mae is offering her a 4.5% simple interest loan with an interest charge of \$405.18 over the life of the loan. How many years is Sallie Mae giving her to pay back the …
5. ### Finance

You borrow \$150,000 to purchase a new house. The bank offers you a special 20 year loan with a 7% interest rate and you will make annual payments. How large will each payment be?
6. ### 5

5. Assume you borrow \$5,000 today and pay back the loan in one lump sum four years from today. You are charged 8 percent interest per year. What amount will you pay back and how much interest will you pay?
7. ### math 11

Paula lent Ned \$1200 to help him pay for a mountain bike that he desperately wants. She charged him 8%/a simple interest, payable weekly. Ned paid back the loan plus interest, in equal payments over 20 weeks. a) How much interest will …
8. ### Math

Lisa takes a loan of \$10,500 at a 9% simple interest rate for 7 years. a. How much interest will she pay after 3 years?
9. ### Math

You visited your local bank. Because of your good credit, they agreed to give you a personal loan, simple interest at a current interest rate of 12.5% APR. you will pay this back in 1 year Interest=prt= Total Payment =Principle +interest …
10. ### Math

You borrow \$3200 to buy new kitchen appliances. The simple interest rate is 5%. You pay the loan off after 4 years. What is the total amount you paid for the loan?

More Similar Questions