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 - Page 449: 29



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). $t=\frac{3}{2}$, because 18 months equals 1.5 years $I=prt$ $I=1800\times.09\times\frac{3}{2}=243$ dollars Finally, we can find the amount due by adding the interest to the original principal. $1800+243=2043$ dollars
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