document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1123837>Question 1123837</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A man borrowed &#8377;18,000 from his friend at 7% per annum simple interest. He returned the money after 3 years 6 months. How much money did he pay back altogether?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #740209 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=740209\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> he borrowed 18,000.\r<BR>\n" );
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document.write( "the interest rate was 7% per year simple interest for 3 years and 6 months.\r<BR>\n" );
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document.write( "that's 3.5 years.\r<BR>\n" );
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document.write( "the simple interest formula is i = p * r * n\r<BR>\n" );
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document.write( "i is the interest<BR>\n" );
document.write( "p is the principal<BR>\n" );
document.write( "r is the interest rate per time period<BR>\n" );
document.write( "n is the number of time periods.\r<BR>\n" );
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document.write( "your time periods are in years.\r<BR>\n" );
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document.write( "in your problem, this formula becomes i = 18,000 * .07 * 3.5 = 4,410.\r<BR>\n" );
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document.write( "he will have to pay back 18,000 + 4,410 = 22,410 at the end of the 3.5 year loan period.\r<BR>\n" );
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document.write( "with simple interest, it doesn't matter whether your time periods are in years, months, weeks, or days.\r<BR>\n" );
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document.write( "the total interest would be the same.\r<BR>\n" );
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document.write( "for example, if your time periods were in momths, then.\r<BR>\n" );
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document.write( "n would be equal to 3.5 * 12 = 42 months.<BR>\n" );
document.write( "r would be equal to .07 / 12\r<BR>\n" );
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document.write( "the formula would become i = 18,000 * .07 / 12 * 42 = 4,410.\r<BR>\n" );
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