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

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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(48522) About Me  (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 ?
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A = P + Prt = P(1 + rt)
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r = 0.12
t = 30/12 = 2.5
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A = 1500(1 + 0.12*2.5)
A = 1500*1.3
A = $1950
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Cheers,
Stan H.