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

Printable View

- September 15th 2012, 07:15 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 - September 15th 2012, 07:28 AMMarkFLRe: interest paid
Assuming an annual interest rate, let

*P*be the principal, and you have:

Now solve for*P*. - September 15th 2012, 09:09 AMrcsRe: interest paid
thanks ... but the answer gives answer as $ 13,333.33

im beginning to confuse now :( - September 15th 2012, 09:28 AMMarkFLRe: interest paid
You should get 1/10th that...

- September 15th 2012, 09:32 AMrcsRe: interest paid
what do you mean? 1/10? what is the implication of the 1/10th?

- September 15th 2012, 09:34 AMMarkFLRe: interest paid
1/10th of 13,333.33 is 1,333.33

Your result is ten times too large. - September 15th 2012, 09:36 AMrcsRe: interest paid
do you mean that answer from the book wrong?

- September 15th 2012, 09:39 AMMarkFLRe: interest paid
Either that, or the intended interest is 1.5% or the intended interest paid is $3000.00