SOLUTION: 8 hundred dollars is borrowed at an interest rate of 1.5% per month. Find the interest paid over the period os 5 months. --- is it $533.33?? thank u very much

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: 8 hundred dollars is borrowed at an interest rate of 1.5% per month. Find the interest paid over the period os 5 months. --- is it $533.33?? thank u very much      Log On


   

Question 40401: 8 hundred dollars is borrowed at an interest rate of 1.5% per month. Find the interest paid over the period os 5 months. --- is it $533.33??
thank u very much
Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
Interest = Rate * Time * Principle
I = 0.015 * 5 * 800
I = 60
You owe the bank $860.00