Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises - Page 446: 23

Answer

$647.06

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). $r=7\frac{1}{4}$%$=7.25\div100=.0725$ $t=\frac{7}{12}$, because 7 months equals $\frac{7}{12}$ years $I=prt$ $I=15300\times.0725\times\frac{7}{12}=647.06$ dollars
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