Ralph borrows $360 at 0.7% simple interest per month. When Ralph pays the loan back 3 months later, how much interest does Ralph pay?
what is it using P=irt
are you a teacher because your on here all day to help me
To calculate the interest Ralph pays, we can use the formula for simple interest:
I = P * r * t
Where:
I = Interest
P = Principal amount borrowed
r = Interest rate per period
t = Number of periods
Given:
P = $360
r = 0.7% per month
t = 3 months
Let's substitute these values into the formula:
I = 360 * 0.007 * 3
Calculating the expression:
I = 7.56
Therefore, Ralph pays $7.56 in interest.
To find the interest that Ralph pays, we can use the formula for simple interest, which is P = Irt, where:
P = Principal amount (the amount borrowed)
I = Interest amount
r = Interest rate per period
t = Number of periods (in this case, the number of months Ralph borrows the money for)
In this scenario, Ralph borrows $360 for a period of 3 months, and the interest rate is 0.7% per month.
Substituting these values into the formula, we have:
P = $360
r = 0.7% per month (which can be written as 0.007 as a decimal)
t = 3 months
Now we can calculate the interest (I):
I = Prt
= ($360)(0.007)(3)
= $7.56
Therefore, Ralph pays an interest of $7.56.
surely by now you realize that
P = 360
r = 0.007
t = 3
So now just plug in your numbers.