SOLUTION: Smith borrows $440 for five months at 11% simple interest. How much interest is paid?

SOLUTION: Smith borrows $440 for five months at 11% simple interest. How much interest is paid?

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Question 357254: Smith borrows $440 for five months at 11% simple interest. How much interest is paid?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
I=p*r*t
p=440
r=11%
t=5/12 years
...
I=440*0.11*5/12
I = $ 20.16
...
m.ananth@hotmail.ca
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