Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

GodBlessYou Group Title

June Davison borrowed $9,000 for 31/2 years at 12% simple interest. Find the interest

  • one year ago
  • one year ago

  • This Question is Closed
  1. Euler271 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    when we are just told interest, we assume it is yearly. simple interest is different from compound interest. simple interest is always calculated from the initial borrowed amount every year whereas compound is calculated from the updated amount that gets larger with every interest calculation [at the end of every year]. I = PV*i*N I = Interst PV = Present value i = interest rate [yearly] N = amount of years I = 9000(0.12)(3.5) = $3780

    • one year ago
  2. GodBlessYou Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    Thank you for the really good explanation. :D

    • one year ago
  3. Euler271 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    glad i could help ^_^

    • one year ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.