catherinethehill catherinethehill

26-04-2020
Mathematics

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You take out a 7 month, $6,000 loan at 8% annual simple interest. How much would you owe at the end of 7 months?

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mysticchacha mysticchacha

29-04-2020

Answer:

$6,280

Step-by-step explanation:

Use the formula Interest = Principal * rate * time

I = P*r*t

I = ($6000)*(0.08) *( 7/12 years)

I = $ 6000 * .08 * 0.583333

I = $ 280

You would owe back $6000 plus the interest of $280

Total owed: $6280

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