SOLUTION: The Alpha Zeta Antique shop borrowed $6,000 for 2 months at an 8% simple interest rate. The interest on this loan is

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Question 57136: The Alpha Zeta Antique shop borrowed $6,000 for 2 months at an 8% simple interest rate. The interest on this loan is


Answer by funmath(2933) About Me  (Show Source):
You can put this solution on YOUR website!
The Alpha Zeta Antique shop borrowed $6,000 for 2 months at an 8% simple interest rate. The interest on this loan is
The formula for simple interest is: highlight%28I=Prt%29
I=interest, P=principle, r=rate, and t=time(in years)
:For this problem
P=$6,000
r=8/100=.08
there are 12 months in a year so t=2/12=1/6
I=(6000)(.08)(1/6)
I=$80
Happy Calculating!!!