Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapter 6 - Percent - Review Exercises - Page 470: 92

Answer

$16,520

Work Step by Step

Simple Interest = $Principal \times rate \times time$ loan amount = Principal = 14,750 dollars interest = 8 % = 0.08 time = 18 months = $\frac{18}{12}$ = 1.5 years Interest = $14,750\times0.08\times1.5$ = 1770 dollars. total amount due = principal + interest = 14,750 + 1,770 = 16,520 Dollars
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