Chapter 10.I, Problem 3RE

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Find the amount of interest on each of the following loans.Principal Rate (%) Time Interest___________________________________________________________$100,000 5.5 18 months _______ To determine To calculate: The interest for the loan of$100000 over a period of 18 months at a rate of interest of 5.5% per annum.

Explanation

Given Information:

The loan of $100000 is taken at the rate of interest, 5.5% per annum for the time period of 18 months. Formula Used: The simple interest formula is I=P×R×T, where T is the time period in years. Calculation: Consider the data provided as the loan of$100000 is taken at the rate of interest of 5.5% per annum for the time period of 18 months.

When the time period is mentioned in months then to convert it into year just divide that month by 12.

That is 1812,

Then the Interest can be calculated in the following manner,

Interest

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