Answer:
simple interest on a $900 loan for 1.7 years at 11.35% is $174
Step-by-step explanation:
Simple Interest = (Principal x Rate x Time)/100
Principal = $900
Rate = 11.35%
Time = 1.7 years
Simple Interest = (900 x 11.35 x 1.7)/100 = 9x 11.35 x 1.7 = $173.655≈$174
Answer: Interest = $173.7
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the loan.
P represents the principal or amount taken as loan
R represents interest rate
T represents the duration of the loan in years.
From the information given,
P = $900
R = 11.35%
T = 1.7 years
Therefore,
I = ($900 × 11.35 × 1.7)/100 =
I = $173.7 to the nearest cent.
