Question

Find the simple interest and the total amount due on the loan. $600 is the Principal, 3% is the rate, 3 months for time.

Answer 1

A = P(1 + rt) <<----Simple Interest Equation
Where:
A is the Total Amount due
P is the Principal Amount <-- $600
I is the Interest Amount <--usually 1
r is the Rate of Interest per year in decimal; so r = R/100 <<--3$/100=0.03
t is the Time Period involved in months or years, you have 3 months, so that means \(\frac{ 3~months }{ 12~months/year }=0.25~years\)

Answer 2

ok

Answer 3

The simple interest I got is 4.5

Answer 4

@zale101 is the simple interest right

Answer 5

Can you please show your work. That is not the correct answer.

Answer 6

4.50

Answer 7

is 4.50 the simple interest