Thread: 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

Assuming an annual interest rate, let P be the principal, and you have:



Now solve for P.

thanks ... but the answer gives answer as $ 13,333.33
im beginning to confuse now

You should get 1/10th that...

what do you mean? 1/10? what is the implication of the 1/10th?

1/10th of 13,333.33 is 1,333.33

Your result is ten times too large.

do you mean that answer from the book wrong?

Either that, or the intended interest is 1.5% or the intended interest paid is $3000.00