Question

Please help with a step by step!!!

Answer 1

Answer: she will owe $67.5 in 3 months.

Step-by-step explanation:

We would apply the formula for determining simple interest which is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount owed.

R represents interest rate on over due accounts.

T represents the duration in years.

From the information given

P = 1500

R = 18%

T = 3 months = 3/12 = 0.25 year

I = (1500 × 18 × 0.25)/100 = $67.5