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: 22



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). $r=7\frac{1}{2}$%$=7.5\div100=.075$ $t=\frac{1}{4}$, because 3 months equals .25 years $I=prt$ $I=2660\times.075\times\frac{1}{4}=49.88$ dollars
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