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Mekhanik [1.2K]
3 years ago
14

In order to start a small business, a student takes out a simple interest loan for $8,000 for 9 months at a rate of 7.50%. How m

uch interest must the student pay PLEASE HELP NOW
Business
1 answer:
anygoal [31]3 years ago
6 0

Answer:

$450

Explanation:

To calculate simple interest, we apply the formula

I= P x r x t

Where I = interest

P= principal

r= interest rate

t= time in years

In this case, p=$8,000, r= 7.50% or 0.075, t= 9 months or 9/12 years which is 0.75 years

I =$8000 x 0.075 x 0.75

I= $600 x 0.75

I=$450

Interest is  $450

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