Josh borrowed $50,000 from the bank to buy a new truck. The bank is going to charge him an interest rate of 6.9%. If his loan la

Question

3 years ago

5

sts 39 months, choose the correct equation to determine Josh's simple interest.

1 answer:

Neko [114] · Answer 1 · 2022-06-24T10:53:52+03:00

Answer:

<em>The simple interest is $11,212.5 and the equation to determine Josh's simple interest is I = PRT/100</em>

Step-by-step explanation:

The formula for calculating simple interest is expressed as;

SI = Principal * rate * time/100

SI = 50,000 * 6.9*39/100*12

SI = 500*6.9*39/12

SI = 134,550/12

SI = 11,212.5

<em>Hence the simple interest is $11,212.5 and the equation to determine Josh's simple interest is I = PRT/100</em>

P is the amount borrowed

R is the interest rate

T is the time in years