Question

Find the simple interest on a loan of $34,500 at 6.9% interest for 11 months

Give your answer to the nearest cent

Answer 1

Answer:

$2182.13

Step-by-step explanation:

Simple interest (I) is calculated as

I = $\frac{PRT}{100}$ ( P is principal, R is rate of interest, T is time in years )

Here P = $34,500 , R = 6.9 and T = $\frac{11}{12}$ , then

I = $\frac{34500(6.9)(\frac{11}{12}) }{100}$

  = 345 × 6.9 × $\frac{11}{12}$

  = $2182.13