The principal P=$6600 is borrowed at simple interest rate r=5.5% for a period of time t=15 months. Find the simple interest owed for the use of the money. Assume 360 days in a year and round to the nearest cent.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
The principal
is borrowed at simple interest rate
for a period of time
Find the simple interest owed for the use of the money. Assume 360 days in a year and round to the nearest cent.
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