SOLUTION: If an annual rate of 7.5% in simple interest is charged on a loan of $290 and no payments are made for 9 months, to the nearest whole cent how much is owed?

Question 4700: If an annual rate of 7.5% in simple interest is charged on a loan of $290 and no payments are made for 9 months, to the nearest whole cent how much is owed?
Answer by XOXO(1) (Show Source): You can put this solution on YOUR website!
The answer is $306.31 the amount owned, this is principal + interest.
$290.00 + $16.31= $306.31
formula in simple interest:
I= P*R/t
Where:

I= Simple interest P= Principal R= annual rate t= time

So if we have
I= $290*7.5%/12 = 21.75/12 = 1.81*9= $16.31

So, Total amount owned is A= P+I , A= $290+$16.31, A=$306.31
Where: A= Total amount, P= Principal, I= interest
RELATED QUESTIONS
A loan in the amount of $944 is charged simple interest at an annual rate of 8.1%. How... (answered by MathLover1)

what is the simple interest on a loan of $1200 after 9 months if the annual interest rate (answered by Cromlix)

find the simple interest on a loan of $1200 after 9 months if the annual interest rate is (answered by Cromlix)

find the simple interest on a loan of $1525 after 6 months if the annual interest rate is (answered by lynnlo)

Mr. Y is borrowing €5,000 at a compound annual interest rate of 6%. Amortize the loan... (answered by Theo)

A loan is charged simple interest at an annual rate of 6.1%. The loan was repaid at the... (answered by Boreal)

Find the length of the loan in months, if $600 is borrowed with an annual simple interest (answered by Theo)

Student loans are a hot discussion topic today both in the news and at home. Those of us... (answered by solver91311)

Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% (answered by Boreal)