find the simple interest. then find balance
principal= $870
interest=3%
time=9 moths

Question

find the simple interest. then find balance
principal= $870
interest=3%
time=9 moths

paki · Answer

870*3*9/100  = 235$

anonymous · Answer

whats the simple interest @paki

paki · Answer

Simple interest is generally charged for borrowing money for short periods of time. Compound interest is similar but the total amount due at the end of each period is calculated and further interest is charged against both the original principal but also the interest that was earned during that period.... @noah4151

anonymous · Answer

i knowk but what would it be in the problem @paki

tkhunny · Answer

Put this in your head...  I = P*r*t
Fill in the parts you know and find the part that is left.

P = principal = $870
r = interest = 3% = 0.03
t = time = 9 moths = 3/4 year

I = ($870)(0.03)(3/4)

Calculator time!

tkhunny · Answer

It's way less than $235.  @paki neglected to convert the time to years to be consistent with the interest rate.