Answer to Question #150414 in Financial Math for EL-FRIDA

Question #150414

Find the simple interest on a loan of GHC 2,500 that is borrowed at 9% for 7 months

Expert's answer

The simple interest (amount of interest) is

I=Prt,

where P - the borrowed mount of money,

r - rate,

t - time.\

I=2500\cdot0.09\cdot7=1575\text{ GHC}.

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