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Find the simple interest on a loan of
$18,000 at
9.8% interest for 9 months $
Give your answer to the nearest cent

Find the simple interest on a loan of $\$ 18,000$ at $9.8 \%$ interest for $9$ months $\newline$ $ ______ $\newline$ Give your answer to the nearest cent $\newline$

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Exponential growth and decay: word problems

Full solution

Q. Find the simple interest on a loan of

\$ 18,000

at

9.8 \%

interest for

9

months

\newline

$ ______

\newline

Give your answer to the nearest cent

\newline

Understand Formula: Understand the formula for simple interest. $\newline$ Simple interest can be calculated using the formula $I = PRT$ , where $I$ is the interest, $P$ is the principal amount, $R$ is the annual interest rate (in decimal form), and $T$ is the time in years.
Convert Rate to Decimal: Convert the annual interest rate to a decimal. $\newline$ The annual interest rate is $9.8\%$ , which as a decimal is $0.098$ . $\newline$ Calculation: $9.8\% = \frac{9.8}{100} = 0.098$
Convert Time to Years: Convert the time period from months to years. $\newline$ Since there are $12$ months in a year, $9$ months is equal to $\frac{9}{12}$ or $0.75$ years. $\newline$ Calculation: $9$ months $\times \left(\frac{1 \text{ year}}{12 \text{ months}}\right) = \frac{9}{12} = 0.75$ years
Calculate Simple Interest: Calculate the simple interest using the values. $\newline$ Now we can use the formula $I = PRT$ with $P = \$18,000$ , $R = 0.098$ , and $T = 0.75$ . $\newline$ Calculation: $I = 18000 \times 0.098 \times 0.75$
Perform Calculation: Perform the calculation to find the interest. $\newline$ Calculation: $I = 18000 \times 0.098 \times 0.75 = \$(1323)$
Round to Nearest Cent: Round the answer to the nearest cent. $\newline$ Since the interest calculated is in dollars, we need to round it to the nearest cent. $\$1323$ is already to the nearest cent.

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