   Chapter 10.I, Problem 3TIE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

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

# Karen Mitroff goes to the bank and borrows $15,000 at 9 1 2 % for 250 days. If the bank ordinary interest method, how much interest will Karen have to pay? To determine To calculate: The amount of interest paid by Karen by ordinary interest method, if he borrows$15000 at the rate of 912% for 250 days.

Explanation

Given Information:

Karen borrows $15000 at the rate of interest 912% for 250 days. Formula used: The simple interest formula is, Interest=Principle×Rate×Time Or, I=P×R×T Where, I is interest, P is principal, R is rate of interest and T is the time in years. To change the time in the year from the day, following formula used: Time=Number of days of a loan360 Calculation: Consider the provided information, Karen borrows$15000 at the rate of interest 912% for 250 days

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