Question

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 held 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

Answer 1

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.