Posted on: 26th Aug, 2010 06:25 pm
if i borrowed $750 in is made at 9.5% simple interest for 4 months. how much interest is owed when the loan is due?
Hi ashertel,
As far as I can understand, you should be liable for paying an interest of $23.5125 at the end of the term. You can also check out the given page to know the formula and calculate the interest:
"http://www.moneyinstructor.com/art/simpleinterest.asp"
As far as I can understand, you should be liable for paying an interest of $23.5125 at the end of the term. You can also check out the given page to know the formula and calculate the interest:
"http://www.moneyinstructor.com/art/simpleinterest.asp"