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Math Help - interest paid

  1. #1
    rcs
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    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
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  2. #2
    MHF Contributor MarkFL's Avatar
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    Re: interest paid

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

    18\left(\frac{0.15}{12}P \right)=300

    Now solve for P.
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  3. #3
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    Re: interest paid

    thanks ... but the answer gives answer as $ 13,333.33
    im beginning to confuse now
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  4. #4
    MHF Contributor MarkFL's Avatar
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    Re: interest paid

    You should get 1/10th that...
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  5. #5
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    Re: interest paid

    what do you mean? 1/10? what is the implication of the 1/10th?
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  6. #6
    MHF Contributor MarkFL's Avatar
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    Re: interest paid

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

    Your result is ten times too large.
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  7. #7
    rcs
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    Re: interest paid

    do you mean that answer from the book wrong?
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  8. #8
    MHF Contributor MarkFL's Avatar
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    Re: interest paid

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