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3 years ago

7

The local shelter decided to build an addition for cats hey borrowed $6300 from a local bank at a rate of 8% the high school hel

d a fundraiser that allowed the shelter to pay off the loan after only 9 months how much interest did the shelter pay on this loan

1 answer:

Zepler [3.9K]3 years ago

3 0

Answer:

$378

Step-by-step explanation:

To find the interest that the shelter payed on this loan, we use the formula: $I=Prt$ .

P = $6,300

r = 8% or 0.08

t = 9/12

Now we substitute the values into our formula.

$I=Prt$ .

$I=6,300(0.08*\dfrac{9}{12})$

$I=6,300(0.08*0.75)$

$I=6,300(0.06)$

$I=$378$

So the shelter payed a total of $378 in interest to the bank.

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