Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

What are the interest cost and the total amount due on a six-month loan of $1,800 at 14.4 percent simple annual interest

Sagot :

facundobuzzetti

Answer:

Results are below.

Step-by-step explanation:

Giving the following information:

Principal (P)= $1,800

Number of periods (t)= 6 months

Monthly interest rate (r)= 0.144/12= 0.012

To calculate the interest to be paid and the total amount due, we need to use the following formula:

I= P*r*t

I= 1,800*6*0.012

I= $129.6

Total amount= $1,929.6

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.