Asked by tammy

Suppose you borrow $4200 at an annual simple interest rate of 10.5% for a term of 18 months. How much simple interest will you owe? What is the total amount you will have to repay (maturity value)? i am not good at this one working on my problem
Answered by Ms. Sue
I = PRT

I = 4200 * 0.105 * 1.5

I = $661.50

661.5 + 4200 = ?

Answered by tammy
$4,861.50
Answered by Ms. Sue
Right!
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