SOLUTION: If you lend $3,500 to a friend for 15 months at 6.5% annual simple interst rate, how much interest must your friend pay you? I've plugged this into the formula I=Prt / I=(3500)(

Question 86581: If you lend $3,500 to a friend for 15 months at 6.5% annual simple interst rate, how much interest must your friend pay you?
I've plugged this into the formula I=Prt / I=(3500)(.065)(15/12) but the answer isn't quite sounding right. $284.38. Am I doing this right?
Answer by tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
Since this is "simple" interest, I agree with your answer. The interest for one year would be:
I=(3500)(0.065)(1)
I=$227.50
So, the answer makes sense.
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