Question

Tom Newman took out a simple interest loan of $1,500.00 at 10 percent interest for 12 months. after 4 payments the balance is 1,100. he pays off the loan when the next payment is due what is the interest?

Answer 1

I=prt
I= ?
p=1,100$
r= 10%/12 months
t= 1

Plug those in the simple interest formula to get the answer

Answer 2

make sure 10%/100% = 0.1

Answer 3

you need to change percent to decimal.

Answer 4

Is it $9.17 then?
PS thank you for your help!!

Answer 5

Yes, and np! ^^

Answer 6

Yay thank you!!