## Basic College Mathematics (9th Edition)

Published by Pearson

# Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises: 33

$17797.81 #### Work Step by Step We can calculate simple interest on a loan by using the formula$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=7.5$%$=7.5\div100=.075t=\frac{3}{4}$, because 9 months is equal to .75 years$I=prtI=16850\times.075\times\frac{3}{4}=947.81$dollars Finally, we can find the amount due by adding the interest to the original principal.$16850+947.81=17797.81\$ dollars

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