EstrellaM282342 EstrellaM282342
  • 03-11-2022
  • Mathematics
contestada

Margo borrows $1400, agreeing to pay it back with 6% annual interest after 16 months. How much interest will she pay?

Respuesta :

RalstonS136627 RalstonS136627
  • 03-11-2022

Given,

The principal amount is $1400.

The rate of interest is 6%.

The time period is 16 months.

Required

The interest paid by Morrow.

The simple interest is calculated as,

[tex]Simple\text{ interest=}\frac{P\times R\times T}{100}[/tex]

Substituting the values then,

[tex]\begin{gathered} S.I=\frac{1400\times6\times16}{100\times12} \\ S.I=14\times2\times4 \\ S.I=56\times2 \\ S.I=112 \end{gathered}[/tex]

Hence, the interest she will pay is $112.

Answer Link

Otras preguntas

A recreation center charges nonmembers $3 to use the pool and $5 to use the basketball courts. A person pays $42 to use the recreation facilities 12 times. How
Which British colony was referred to as "the jewel in the imperial crown"? A. India B. Hong Kong C. Kenya D. Egypt
What was the result of the Crusades opening travel to the Near East and bringing back new goods? Trade to Western Europe grew. Interest for new trade routes dec
whose discovery of radium changed the world's view of the atom
how do you think the attributes of each army might affected its performance in battle
What was the most significant result of the Opium Wars?
five less than a number is more than twenty
73/9 as a mixed number
is 2/8 greater than 7/8
Why did Many Americans want new leadership in 1932? A) prices for farm products were rising again B) congress passed a bill to pay WW1 beterans their bonus earl