Joe is borrowing $600 from his parents in order to finish paying his tuition bill. His parents agree to the loan if Joe will repay the money at the end of nine months. His parents will charge him 3% annual simple interest. How much interest will Joe owe his parents? How much will Joe have to pay his parents at the end of the nine months?
Joe is borrowing $600 from his parents in order to finish paying his tuition bill. His parents agree to the loan if Joe will repay the money at the end of nine months. His parents will charge him 3% annual simple interest. How much interest will Joe owe his parents? How much will Joe have to pay his parents at the end of the nine months?
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
Related questions
Question
Joe is borrowing $600 from his parents in order to finish paying his tuition bill. His
parents agree to the loan if Joe will repay the money at the end of nine months. His
parents will charge him 3% annual simple interest. How much interest will Joe owe his
parents? How much will Joe have to pay his parents at the end of the nine months?
please keep the answer simple and short Because i have to write this in a small space, thank you in advance
Expert Solution
Step 1
Simple interest (SI)=Principal amount (P)×Rate of interest (R) in decimal ×Time(T) as a fraction of a year.
Therefore SI=PRT
Maturity value or total amount =P+SI
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University
Elementary Algebra
Algebra
ISBN:
9780998625713
Author:
Lynn Marecek, MaryAnne Anthony-Smith
Publisher:
OpenStax - Rice University