Question

What is the interest to be paid on a loan amount of $750 over a 9 month period if the rate of interest is 3%?

Answer 1

ohh cool. do the same thing. i got 1 as the year by 12/12 because, 1 year has 12 months. so if you would solve this problem, 750*3%*9/12

Answer 2

16.875

Answer 3

is this right.

Answer 4

there you go :) that's correct. but please note that these answers are true only when they are calculated in the SIMPLE interest form.

Answer 5

you'll get into the compound interest and other forms of calculating interests in the due course.. for now, this is enough.. just chill :)

Answer 6

:D