# Math

A person takes a simple interest loan at 7.5%. After 6 months, the amount of interest on the loan is \$69.64. What was the amount of the loan?

1. 👍
2. 👎
3. 👁
1. 0.0375*x = 69.64
x = 1857.07

I used .0375 instead of .075 because it was only half a year

1. 👍
2. 👎

## Similar Questions

1. ### math

Catherine borrowed \$19,000 on June 20, at 10% interest. If the loan was due on September 17, what was the amount of interest on the loan using the exact interest method?

2. ### 10 Pre algebra questions

Review Directions: Use the interest formula to solve each of the following problems. 1) Cathy borrows \$3280 at 0.3% simple interest per month. When Cathy pays the loan back 9 years later, what is the total amount that Cathy ends

3. ### computer science

When \$1000 is deposit at 5% simple interest, the amount grows by \$50 each year. When money is invested at 5% compound interest, then the amount at the end of each year is 1.05 times the amount at the beginning of the year. Write a

4. ### algebra

Andrew has a four-year college loan for \$20,000. The lender charges a simple interest rate of 5 percent. How much interest will he have to pay? simple interest = P × r × t

1. ### math

Louis borrowed \$500 from his bank. His bank will charge Louis 8% simple interest per year to loan him the money. If he paid back the total amount he owed the bank, including interest, in 6 months, how much should he have paid?

2. ### math

Legitimate Financial Services made a loan at 9.75% interest for 254 days. If the amount of interest was \$270.50, use the exact interest method to find the amount of principal borrowed. (Round to the nearest whole dollar amount)

3. ### math

Belle had the choice of taking out a four year car loan at 8.5% simple interest or a Five year loan at 7.75% simple interest. If she borrows \$15,000, how much interest would she pay for each loan? Which option requires less

. 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?

Ignacio obtains a loan of \$9,500, at 8.75% interest, for months. Find the amount of simple interest. (Round to the nearest cent) \$598.78 \$658.07 \$701.36 \$825.55 The answer I got was \$658.07, is that right?

2. ### is this correct @oobleck

2) Ruth borrows \$440 at 0.6% simple interest per month. When Ruth pays the loan back 4 years later, how much interest does Ruth pay? p=13112 Rate=0.6 Time=48 months interest=440

3. ### math

1) Carmen borrowed \$1,200 for three months at 10.5% interest. How much interest did she pay for the loan? 2)Zack deposited \$1,200 in a savings account that paid 7.75% simple interest. What was the balance in his account at the

4. ### Business Math icom 1

Find the ordinary interest in a loan of Rs.2600 at 10 % simple interest from January 5 to February 10.? Find the present value of Rs.3600 due in 4 months at 6% interest p.a.? At what annual rate percent of interest would Rs.12500