Makaylah C.

asked • 11/15/16

Dorothy borrows $700, agreeing to pay it back with 7% annual interest after 15 months. How much interest will she pay?

help please?

1 Expert Answer

By:

Jesse K. answered • 11/16/16

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Simple interest = Prt
 
Here
 
P= $700
r=7%=0.07
t=15 months = 1year 3 month= 1 year   3 month/12 month = 1 3/12 = 1 1/4=5/4=1.25
 
Simple interest = Prt
                      =700*0.07*1.25
                      =61.25
 
So she will pay $61.25
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