# interest paid

• Sep 15th 2012, 06:15 AM
rcs
interest paid
How much money was borrowed at 15% simple interest for 18 months if the interest paid was $300? attempt: 300 = 15% ( x) /18 please help thanks • Sep 15th 2012, 06:28 AM MarkFL Re: interest paid Assuming an annual interest rate, let P be the principal, and you have:$\displaystyle 18\left(\frac{0.15}{12}P \right)=300$Now solve for P. • Sep 15th 2012, 08:09 AM rcs Re: interest paid thanks ... but the answer gives answer as$ 13,333.33
im beginning to confuse now :(
• Sep 15th 2012, 08:28 AM
MarkFL
Re: interest paid
You should get 1/10th that...
• Sep 15th 2012, 08:32 AM
rcs
Re: interest paid
what do you mean? 1/10? what is the implication of the 1/10th?
• Sep 15th 2012, 08:34 AM
MarkFL
Re: interest paid
1/10th of 13,333.33 is 1,333.33

Your result is ten times too large.
• Sep 15th 2012, 08:36 AM
rcs
Re: interest paid
do you mean that answer from the book wrong?
• Sep 15th 2012, 08:39 AM
MarkFL
Re: interest paid
Either that, or the intended interest is 1.5% or the intended interest paid is \$3000.00