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14 September, 17:30

Find the simple interest on a $900 loan for 1.7 years at 11.35% interest. Round your answer to the nearest cent.

Interest =

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Answers (2)
  1. 14 September, 18:53
    0
    simple interest on a $900 loan for 1.7 years at 11.35% is $174

    Step-by-step explanation:

    Simple Interest = (Principal x Rate x Time) / 100

    Principal = $900

    Rate = 11.35%

    Time = 1.7 years

    Simple Interest = (900 x 11.35 x 1.7) / 100 = 9x 11.35 x 1.7 = $173.655≈$174
  2. 14 September, 19:48
    0
    Answer: Interest = $173.7

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the loan.

    P represents the principal or amount taken as loan

    R represents interest rate

    T represents the duration of the loan in years.

    From the information given,

    P = $900

    R = 11.35%

    T = 1.7 years

    Therefore,

    I = ($900 * 11.35 * 1.7) / 100 =

    I = $173.7 to the nearest cent.
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