SOLUTION: suppose you borrow $1500 at 12% simple interest for 30 months. How much money would you owe at the end of that time ?

Question 159360: suppose you borrow $1500 at 12% simple interest for 30 months. How much money would you owe at the end of that time ?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
suppose you borrow $1500 at 12% simple interest for 30 months. How much money would you owe at the end of that time ?
-----------------------
A = P + Prt = P(1 + rt)
-----------------
r = 0.12
t = 30/12 = 2.5
-------------------
A = 1500(1 + 0.12*2.5)
A = 1500*1.3
A = $1950
===============
Cheers,
Stan H.
RELATED QUESTIONS
You borrow $650,000 from a mortgage company for a 30 year loan at 7.1% interest to... (answered by math_tutor2020)

If you borrow some money for 2 years at 6% simple interest and paid back $3640 how much... (answered by lynnlo)

During this time of pandemic, many lending institutions offer a loan package to wage... (answered by Boreal)

How do you solve: What is the maximum amount you can borrow today if it must be repaid (answered by mananth)

michelle borrows a total of 3000 from two lenders. one charges 4.6% simple interest the... (answered by Boreal)

Suppose you invest $7,000 in a mutual fund that pays simple interest for one year. If you (answered by stanbon)

Suppose that you deposit $1000 at the end of each year into an account paying 7 1/2%... (answered by ewatrrr)

You want to borrow $4000 at 12% for only 90 days. How much interest would you... (answered by Boreal)

you started a job and got paid at the end of the month and decided to put 1000.00 peso... (answered by Theo)