SOLUTION: A bank lends out $9000 at 7% simple intrest. At the end of 1 year, how much interest is owed on the lone? I solved this problem like this: I =PRT =(9000)(.07) (1) =630 IS TH

SOLUTION: A bank lends out $9000 at 7% simple intrest. At the end of 1 year, how much interest is owed on the lone? I solved this problem like this: I =PRT =(9000)(.07) (1) =630 IS TH

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Question 263510: A bank lends out $9000 at 7% simple intrest. At the end of 1 year, how much interest is owed on the lone?

I solved this problem like this: I =PRT
=(9000)(.07) (1)
=630 IS THE INTEREST OWED ON THE LONE AT THE END OF THE YEAR.
Is this answer correct? Please let me know.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Yes, correct.
Cheers,
Stan H.
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