SOLUTION: Find the amount due if $700 is borrowed for 14 months at 18% simple interest.

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Question 1198388: Find the amount due if $700 is borrowed for 14 months at 18% simple interest.
Found 2 solutions by ikleyn, math_tutor2020:
Answer by ikleyn(52787) About Me  (Show Source):
You can put this solution on YOUR website!
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    It is  700%2A%281+%2B+0.18%2A%2814%2F12%29%29 = 847 dollars.    ANSWER

Solved.

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To see many other similar  (and different)  solved problems on simple interest accounts,  look into the lesson
    - Simple interest percentage problems
in this site.

Learn the subject from there.



Answer by math_tutor2020(3817) About Me  (Show Source):
You can put this solution on YOUR website!

Answer: $847

Work Shown:
A = P*(1+r*t)
A = 700*(1+0.18*14/12)
A = 847

This is a slightly longer approach:
i = P*r*t
i = 700*0.18*14/12
i = 147 dollars is the interest only
A = P+i
A = 700+147
A = 847 total due (principal + interest)

Pay careful attention to the fact that I used t = 14/12, and not t = 14, since t represents the time in years.
14 months = 14/12 years = 1.1667 years approximately.