Concept explainers
To calculate: The value of simple interest on the given loan.
Answer to Problem 1RE
Solution:
Explanation of Solution
Given: The principal (P) value of loan is
Formula Used:
Calculation:
Step 1: Rate is expressed as a decimal while calculating the interest. Thus, to convert the rate percent into a decimal, rate percent is divided by 100.
Step 2: The time is to be expressed in year. Thus, to convert the time into the year, the months are divided by 12.
Step 3: The interest is computed by multiplying the principal amount by rate and time. Thus, in order to calculate the interest, apply this formula:
Therefore, the simple interest on the loan of
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