Elementary Algebra

Published by Cengage Learning
ISBN 10: 1285194055
ISBN 13: 978-1-28519-405-9

Chapter 4 - Proportions, Percents, and Solving Inequalities - 4.2 - Percents and Problem Solving - Problem Set 4.2 - Page 156: 63

Answer

The interest charged will be 510 dollars.

Work Step by Step

To find the interest charged, we use the interest formula. The interest formula is: I = P $\times$ r $\times$ t P = 8000 r = 8.5% = 0.085 t = 9 months = 9 $\times$ $\frac{1}{12}$ = 0.75 (Because 1 month = $\frac{1}{12}$ year.) Substitute these values in the formula to obtain: I = 8000 $\times$ 0.085 $\times$ 0.75 I = 510 The interest charged will be 510 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.