Simple and Compound Interest
Find the simple interest.
principal= $870
interest rate= 6%
time= 9 months
Please help me I need the answer for tommorow.
simple interest = principal x rate x time
= 870(.06)(9/12) = .....
The simple interest paid on a loan after 6 months was $306. The annual interest rate was 8%. Find the principal
I = P*r*t = 306.
P*(0.08/12)*6 = 306,
P = $7,650.
To find the simple interest, you can use the formula:
Simple Interest = (Principal × Interest Rate × Time) / 100
Using the given values:
Principal = $870
Interest Rate = 6%
Time = 9 months
Now let's substitute these values into the formula and calculate the simple interest:
Simple Interest = (870 × 6 × 9) / 100 = 469.80
Therefore, the simple interest on $870 at an interest rate of 6% for 9 months is $469.80.