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saveliy_v [14]
3 years ago
6

What is the interest on a loan of $2,500 that is borrowed at 9% for 7 months.

Mathematics
2 answers:
Musya8 [376]3 years ago
5 0

Answer:

$1575

Explanation:

BaLLatris [955]3 years ago
3 0

Answer:

$131.25

Step-by-step explanation:

We'll need to review the simple interest formula for this:

<em>I </em>= <em>P</em>(1<em>rt</em>)

This is where <em>P</em> is the <em>principal</em> amount of money to be invested at an <em>interest rate</em> <em>R%</em> (put this in a decimal while calculating). The variable <em>t</em> is the amount of <em>time</em> <u>in years</u>.

Try to plug in these numbers and use my explanation as a checking tool. If you're having trouble, then no worries. Feel free to follow along :D

<em>I</em> = 2,500*(0.09)(7/12)

= 2,500 * 0.525

<em>I</em> = 131.25

So, the interest of a loan of $2,500 underneath those conditions is $131.25

Please let me know in the comments if anything is wrong. I'll be happy to update this answer!

Good luck and keep studying. I believe in you :D

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