Find the total amount due on the loan using simple interest.

Principal $800
Rate 5%
Time 9 months

1 answer

To find the total amount due on the loan using simple interest, we can use the formula:

Total amount = principal + (principal x rate x time)

Plugging in the given values:

Total amount = 800 + (800 x 0.05 x (9/12))

Total amount = 800 + (800 x 0.05 x 0.75)

Total amount = 800 + 30

Total amount due on the loan using simple interest = $830