document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=532322>Question 532322</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Alex borrows $500 for 24 months. The interest rate is 9% per year. How much interest must Alex pay?<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #350804 by </B><A HREF=/tutors/aboutme.mpl?userid=rosey51235><B>rosey51235(30)</B></A><img src=\"/images/stars/stars-07.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rosey51235><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=rosey51235><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=350804\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Well, to start, you ought to know the formula to find interest, which is i=prt, where... <BR>\n" );
document.write( "i=interest <BR>\n" );
document.write( "p=principle (amount of money) <BR>\n" );
document.write( "r=rate (percentage rate of interest, expressed as a decimal) <BR>\n" );
document.write( "t=time (length of money borrowed/loaned in terms of YEARS)\r<BR>\n" );
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document.write( "So, if we're finding the Interest Alex would owe at the end of this 24 months, we should start by filling in what we have for the formula.\r<BR>\n" );
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document.write( "Principle we have, it's $500 (as you stated in the question).<BR>\n" );
document.write( "We also have Rate, 9% which, expressed as a decimal, is .09 (the decimal form should be used, NOT the percent.)<BR>\n" );
document.write( "As for the time, since it is always expressed in years, we have to turn 24 months into a timespan of years. 24 months = 2 years, therefore our time is 2 years.\r<BR>\n" );
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document.write( "So far, the formula should be filled in as: i=500*.09*2\r<BR>\n" );
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document.write( "Lastly, just solve! you can group numbers together to make mental math easier, or just use a calculator. It equals out at $90...this is how much interest Alex would have to pay ALONG WITH his original borrowed money of $500.\r<BR>\n" );
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document.write( "Hope I helped! :)<BR>\n" );
document.write( "-Rosey </SPAN>\n" );
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