Thread: Revision

Hey, just needing some help here:

How much simple interest would be paid on a $700 loan for 5 years (60 months i think, it's easier if you convert to months) at a rate of interest 18%: [my workings: prt= 700x18x60/100 is that right?] how would i do it?

and also

Sarah sold her bike for $300 which is 80% of the amount she originally paid for it. What did she pay originally for it?

Originally Posted by Sazza

Hey, just needing some help here:

How much simple interest would be paid on a $700 loan for 5 years (60 months i think, it's easier if you convert to months) at a rate of interest 18%: [my workings: prt= 700x18x60/100 is that right?] how would i do it?

use years as the time.

Simple interest = PRT = 700 x 0.18 x 5 = 630

Sarah sold her bike for $300 which is 80% of the amount she originally paid for it. What did she pay originally for it?

Let be the amount she originally paid for the bike, we have:

80% of

awesome =] thanks!

Originally Posted by Sazza

Hey, just needing some help here:

How much simple interest would be paid on a $700 loan for 5 years (60 months i think, it's easier if you convert to months) at a rate of interest 18%: [my workings: prt= 700x18x60/100 is that right?] how would i do it?

and also

Sarah sold her bike for $300 which is 80% of the amount she originally paid for it. What did she pay originally for it?

simple interest can be calucaleted by the formula PTR/100.and your equation is correct.and that is 700*18*60/100=7*18*60=126*60=7560$is the answer.

the answer is the buing bike is x and the eq is 80%of x=300 and solving 300*100/80=375.she paid originally375 for it.