Problema Solution
The owner of a service station receives a loan of $8,500 at 10.5% for 7 months. Find the amount of simple interest.(Round to the nearest cent) (Points : 2)
$520.63
$621.25
$489.65
$753.28
Answer provided by our tutors
interest = principal * rate * time
we take time = 7/12
8500 * 0.105 * (7/12) = 520.625
the amount of simple interest is approximately $520.63