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A home builder obtained a preconstruction loan of $50,000 for 8 months at an annual interest rate of 9.5%. What is the simple interest due on the loan?

A home builder obtained a preconstruction loan of $50,000 for 8 months at an annual interest rate of 9.5%. What is the simple interest due on the loan?
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2 votes
A home builder obtained a preconstruction loan of $50,000 for 8 months at an annual interest rate of 9.5%. What is the simple interest due on the loan?

asked
User Locke
by
7.7k points

1 Answer

5 votes
Annual interest
50000 * (9.5 / 100)
4750

Interest for 12 months = 4750
Interest for 8 months
(4750/12) * 8
$ 3166.67
answered
User Lyokolux
by
8.7k points
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