Question

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

Answer 1

870*3*9/100 = 235$

Answer 2

whats the simple interest @paki

Answer 3

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

Answer 4

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

Answer 5

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!

Answer 6

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