How much interest will have to be paid on a loan of $10,138 for 7 months at a simple interest rate of 13.3% per year?

Question

asked May 10, 2017 139k views

1 Answer

Adrian Collado · Answer 1 · 2017-05-15T17:38:20+0000

1) 1 year interest is 10138 * 0.133 = $1348.354
2) 7 months is 7/12 part of the year
3) 7/12 x 1348.354 = about $786.54

about $786.54