Simple interest math help!?
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I'm very confused on this since my book doesn't give any examples on how to solve them. Can anyone tell me exactly how to solve these problems.
1. Martin borrowed $3,200 for 4 years with simple interest of $448. What are his monthly payments for the loan?
2. Kara got a bank loan of $15,400 at an interest rate of 8.1% for 5 years. What is the simple interest on her loan? Type in your numerical answer only; do not type any words, letters, or the dollar sign with your answer.
Simple interest math help!?The formula for calculating simple interest is I = Prt (interest = principle x rate x time.
For problem 1, you already have the simple interest, so you just have to add it to the principle and then divide it by the number of months to get the monthly payment (4 years x 12 months per year).
1. 3,200 + 448 = 3648 ; 3648 / 48 = 76
For problem 2, you just have to multiply the terms together to come up with the simple interest.
2. 15,400 x .081 x 5 = 6237
Simple interest math help!?you divide 3200 by 4x448 on Q1
not sure no 2
Simple interest math help!?Simple Interest = PxRxT
Multiply your digits together and make sure the time is in years
Simple interest math help!?#1) 4 years = 48 months , 3200 + 448 = 3648 / 48 = 76
$76.00 per month payment
I = P x r x t, or Interest = Principal X Rate X time
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