SOLUTION: Find the simple interest and the total payback amount on a loan of $600 at an annual rate of 8% for 4 months.

SOLUTION: Find the simple interest and the total payback amount on a loan of $600 at an annual rate of 8% for 4 months.

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Question 82027: Find the simple interest and the total payback amount on a loan of $600 at an annual rate of 8% for 4 months.

Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
600(.08*4/12)=600(.32/12)=192/12=$16 IS THE SIMPLE INTEREST. THE TOTAL PAYBACK=600+16=$616.
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