Basic College Mathematics (9th Edition)

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

Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises - Page 449: 31

Answer

$3306.88

Work Step by Step

We can calculate simple interest on a loan by using the formula $I=prt$ (where I is the interest, p is the principal, r is the rate of interest, and t is the amount of time - expressed in years). $r=3.5$%$=3.5\div100=.035$ $t=\frac{1}{2}$, because 6 months equals .5 years $I=prt$ $I=3250\times.035\times\frac{1}{2}=56.88$ dollars Finally, we can find the amount due by adding the interest to the original principal. $3250+56.88=3306.88$ dollars
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.