Determine the simple interest paid after 3 months on a loan of 9,700 dollars borrowed at an annual interest rate of 11%.

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nickmontano nickmontano

05-03-2015
Mathematics

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Determine the simple interest paid after 3 months on a loan of 9,700 dollars borrowed at an annual interest rate of 11%.

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AaronNicole AaronNicole · Answer 1 · 2015-03-05T00:49:29+01:00

AaronNicole AaronNicole

05-03-2015

Multiply $9700 by 11% to get the annual interest, then divide by 12 months in year and multiply by # of months. 9700 * .11 = 1067 1067/12 = 88.9166666 88.9166666*3= $266.75

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