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How much is owed after 36 months on a $300.00 loan if the rate of simple interest is 5%?

 Sep 1, 2014

Best Answer 

 #1
avatar+118587 
+5

How much is owed after 36 months on a $300.00 loan if the rate of simple interest is 5%?

I=Prt

rate = 5% per annum   r=5/100=0.05

P=300

t=1.5years

I=300*0.05*1.5=22.5

Total owing = 22.5+300=$322.50

 Sep 2, 2014
 #1
avatar+118587 
+5
Best Answer

How much is owed after 36 months on a $300.00 loan if the rate of simple interest is 5%?

I=Prt

rate = 5% per annum   r=5/100=0.05

P=300

t=1.5years

I=300*0.05*1.5=22.5

Total owing = 22.5+300=$322.50

Melody Sep 2, 2014

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