Question

Find the simple interes charged on a loan of $26,500 for 8 months at an interest rate of 7%. Show ALL your work or explain

Answer 1

$1236.67

Explanation:

I = Prt

P = 26500

r = 0.07

t = 8/12 = 2/3

I = (26500)(0.07)(2/3)

I = 1236.67