Question

The financial officer of toys and noise arranges a loan of $7,500, at 8.5% interest, for 33 months. find the amount of simple interest. (round to the nearest cent)

Answer 1

Any answer things? :/

Answer 2

Answer:

The amount of simple interest is $1753.125.

Step-by-step explanation:

Given : The financial officer of toys and noise arranges a loan of $7,500, at 8.5% interest, for 33 months.

To find : The amount of simple interest ?

Solution :

Simple interest formula is

$SI=P\times R\times T$

Where, SI is teh simple interest

P is the principal P=$7,500

R is the rate R=8.5%= 0.085

T is the time in years = 33 months

Convert into years, $T=\frac{33}{12}$

Substitute all values in the formula,

$SI=P\times R\times T$

$SI=7500\times 0.085\times \frac{33}{12}$

$SI=1753.125$

Therefore, the amount of simple interest is $1753.125.