   Chapter 10.I, Problem 6RE ### 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

# Principal Rate (%) Time Interest________________________________________________________________$13,200 9.2 ________ To determine To calculate: The interest for the loan of$13200 over a period of 434 years at a rate of interest of 9.2% per annum.

Explanation

Given Information:

The loan of $13200 is taken at the rate of interest, 9.2% per annum for the time period of 434 years. 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$13200 is taken at the rate of interest of 9.2% per annum for the time period of 434 years

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