A simple interest, 10-month loan of $8,000 has an annual interest rate of 9.9%. Determine the following values. R = I =
Added by Ronald V.
Step 1
Since the annual interest rate is 9.9%, we can divide this by 12 to find the monthly interest rate. Monthly interest rate = (9.9% / 12) = 0.825% Now, we can find the simple interest (I) for the 10-month loan. The formula for simple interest is: I = P * r * Show more…
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