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?
I = PRT (Interest = Principal * Rate * Time)
.04 interest/yr = .003 mo (.04/12)
I = 6000 * 0.003 * 7
You can take it from here.