Find the total amount due on the loan using simple interest.
Principal $800
Rate 5%
Time 9 months
To find the total amount due on the loan using simple interest, we can use the formula:
Total amount = principal + (principal x rate x time)
Plugging in the given values:
Total amount = 800 + (800 x 0.05 x (9/12))
Total amount = 800 + (800 x 0.05 x 0.75)
Total amount = 800 + 30
Total amount due on the loan using simple interest = $830
To find the total amount due on a loan using simple interest, you need to use the formula:
Total amount due = Principal + (Principal * Rate * Time)
In this case, the given information is:
Principal = $800
Rate = 5% (which is equivalent to 0.05)
Time = 9 months
Now, plug these values into the formula:
Total amount due = $800 + ($800 * 0.05 * 9)
First, calculate the interest amount:
Interest = $800 * 0.05 * 9 = $360
Then, add the interest to the principal:
Total amount due = $800 + $360 = $1160
Therefore, the total amount due on the loan using simple interest is $1160.
To find the total amount due on the loan using simple interest, we can use the formula:
Total Amount = Principal + (Principal * Rate * Time)
In this case, the principal amount is $800, the interest rate is 5%, and the time is 9 months.
Let's plug in the values into the formula:
Total Amount = $800 + ($800 * 0.05 * 9)
Total Amount = $800 + ($40 * 9)
Total Amount = $800 + $360
Total Amount = $1160
Therefore, the total amount due on the loan using simple interest is $1160.