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Tanzania [10]
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
Mathematics
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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