SOLUTION: moe $700 for 18 months at 4% simple interest how much interest will have to pay? what will be the total amount he has to pay back?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: moe $700 for 18 months at 4% simple interest how much interest will have to pay? what will be the total amount he has to pay back?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1158601: moe $700 for 18 months at 4% simple interest how much interest will have to pay? what will be the total amount he has to pay back?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
interest=prt
I=$700*.04*1.5 years (18 months)
=$28*1.5=$42
repay that and principal which would be $742 total.