Tyler L.

asked • 10/30/14

Marla borrowed $7,800 to buy a car. The loan is for 18 months at 8% simple intrest. Find the total amount due on the loan?

Thanks anyone.

1 Expert Answer

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Byron S. answered • 10/30/14

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Simple interest is calculated by multiplying the amount borrowed or invested by the interest rate, times the number of years.
I = Prt
P = 7,800
r = 0.08
t = 18 mo = 1.5 yr
This is the interest charged. The total amount due is the original loan plus interest.
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