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

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- Sep 15th 2012, 06:15 AMrcsinterest 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 AMMarkFLRe: 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 AMrcsRe: interest paid
thanks ... but the answer gives answer as $ 13,333.33

im beginning to confuse now :( - Sep 15th 2012, 08:28 AMMarkFLRe: interest paid
You should get 1/10th that...

- Sep 15th 2012, 08:32 AMrcsRe: interest paid
what do you mean? 1/10? what is the implication of the 1/10th?

- Sep 15th 2012, 08:34 AMMarkFLRe: interest paid
1/10th of 13,333.33 is 1,333.33

Your result is ten times too large. - Sep 15th 2012, 08:36 AMrcsRe: interest paid
do you mean that answer from the book wrong?

- Sep 15th 2012, 08:39 AMMarkFLRe: interest paid
Either that, or the intended interest is 1.5% or the intended interest paid is $3000.00