## Elementary Algebra

Published by Cengage Learning

# Chapter 4 - Proportions, Percents, and Solving Inequalities - 4.2 - Percents and Problem Solving - Problem Set 4.2: 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.

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.