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OpenStudy (anonymous):
In order to start a small business, a student takes out a simple interest loan for $4000 for 9 months at a rate of 8.25%. How much interest must the student pay? Find the future value of the loan.
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OpenStudy (kropot72):
If the interest rate is an annual rate then the interest for 9 months is: 4000 * (0.0825 * 9)/12 = $247.50
OpenStudy (anonymous):
ty so much :)
OpenStudy (kropot72):
You're welcome :)
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