Hello! The formula for simple interest is prt. That means you multiply the principal (initial amount) by the rate (simple interest percentage), by the amount of time (could be in months or years). So, the loan is $3,750 and the rate is 8.25% for 9 months. 9 months is 3/4 of the year, because there are 12 months in 1 year and 9/12 is 0.75. Let's multiply. 3,750 * 8.25% (0.0825) is 309.375 Now, multiply that number by 0.75 to get 232.03125 or 232.03 when rounded to the nearest hundredth (cent). The amount of simple interest is $232.03.
You answer will be either 15% or 13%
315. You just need to take the total and subtract by 60.
