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