Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.3 Simple Interest - Exercise Set 8.3: 7

Answer

$I=\$426.25$

Work Step by Step

The formula for simple interest is: $I=Prt$ where P = principal amount borrowed r = interest rate per year t = time Use the formula above to obtain: $I=\$15500(11\%)(\frac{90}{360}) \\I=\$15500(0.11)(\frac{1}{4}) \\I=\$426.25$
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