Question

Mr. Lambert borrows $900 from a credit union to buy a new laptop. The credit union charges 6.5 % simple interest per year. How much interest will he owe if it takes him 18 months to repay the loan? Round to the nearest cent.

Answer 1

$87.75

Explanation:

900×6.5%×18months

=58.5×1.5years

=87.75