Answered

Westonci.ca is the Q&A platform that connects you with experts who provide accurate and detailed answers. Discover comprehensive answers to your questions from knowledgeable professionals on our user-friendly platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

If a loan for $500 at 8.75% interest per year is paid in 3 months, how much is the
interest? (Use I = PRT)

Sagot :

sqdancefan

Answer:

  $10.94

Step-by-step explanation:

In the given formula, T is in years. 3 months is 3/12 years, so your interest is ...

  I = PRT

  I = $500×0.0875×1/4 = $10.9375 ≈ $10.94

$10.94 is the interest paid on the loan.

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.