Janet home went to Citizen Bank she borrowed $7,000 at a rate of 8% the date of the loan was September 20th Jeanette hope to repay the loan on January 20th singing the loan is based on ordinary interest in that will pay back how much interest on January 20th

Respuesta :

I assume, ordinary, means "simple interest"

well, i = prt, "i" is how much she'll be paying

now, from september 20th, to october 20th, to november 20th, to december 20th, to january 20th, is only hmm let's add those days

30+31+30+31 so hmmm 122 days

now, the year has 365 days, 122/365 years then

[tex]\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$7000\\ r=rate\to 8\%\to \frac{8}{100}\to &0.08\\ t=years\to &\frac{122}{365} \end{cases}[/tex]