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
Find the total amount due on the loan using simple interest.
Principal $800
Rate 5%
Time 9 months
1 answer