document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=965858>Question 965858</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A bank charges 2.25% per month simple interest on personal loans. if john borrows $6400 for a period of 2 years 1 month, find the total interest he has to pay? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #590376 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><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=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=590376\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A bank charges 2.25% per month simple interest on personal loans.<BR>\n" );
document.write( " if john borrows $6400 for a period of 2 years 1 month, find the total interest he has to pay?<BR>\n" );
document.write( "Change 2 yrs 1 month to 25 months<BR>\n" );
document.write( "I = P*R*t where;<BR>\n" );
document.write( "I = total interest<BR>\n" );
document.write( "P = amt borrowed<BR>\n" );
document.write( "r = interest rate in decimal form per month<BR>\n" );
document.write( "t = time in months<BR>\n" );
document.write( ":<BR>\n" );
document.write( "I = 6400 * .0225 * 25<BR>\n" );
document.write( "I = $3600!! Good grief that is a lot of interest, let that be a lesson to us all. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );