Question

Find the simple interest paid to the nearest cent for each loan, interest rate, and time. $500, 12%, 18 months

Answer 1

Answer: The interest is $60

Step-by-step explanation:

500*112%=$560

560/18=$31.11

$60 in interest is paid, or an additional $3.33 a month (Bringing the monthly loan payment to a grand total of $31.11)

Answer 2

Your answer would be $60