# Math Help - 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 2. ## 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. 3. ## Re: interest paid thanks ... but the answer gives answer as$ 13,333.33
im beginning to confuse now

4. ## Re: interest paid

You should get 1/10th that...

5. ## Re: interest paid

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

6. ## Re: interest paid

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

Your result is ten times too large.

7. ## Re: interest paid

do you mean that answer from the book wrong?

8. ## Re: interest paid

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