SOLUTION: 8 hundred dollars is borrowed at an interest rate of 1.5% per month. Find the interest paid over the period os 5 months. --- is it $533.33?? thank u very much

Algebra ->  Algebra  -> Polynomials-and-rational-expressions -> SOLUTION: 8 hundred dollars is borrowed at an interest rate of 1.5% per month. Find the interest paid over the period os 5 months. --- is it $533.33?? thank u very much      Log On

Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

   


Question 40401: 8 hundred dollars is borrowed at an interest rate of 1.5% per month. Find the interest paid over the period os 5 months. --- is it $533.33??
thank u very much

Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
Interest = Rate * Time * Principle
I = 0.015 * 5 * 800
I = 60
You owe the bank $860.00