Solve the problem.
-Find the simple interest if $\$ 3700$ is borrowed at $15.7 \%$ for 3 months $(0.25 \mathrm{yr})$.
A) $\$ 14,522.50$
B) $\$ 145.23$
C) $\$ 58.92$
D) $\$ 2323.60$

Question

Quizplus · Accepted Answer

The simple interest can be calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount (\$3700), $r$ is the annual interest rate (15.7% or 0.157 as a decimal), and $t$ is the time in years (0.25 years). Plugging in the values: $I = 3700 \times 0.157 \times 0.25 = \$145.225$. Rounding to the nearest cent gives \$145.23.

Solve the Problem $3700\$ 3700$3700 Is Borrowed At 15.7%15.7 \%15.7% For 3 Months

Solve the Problem $\$ 3700$ Is Borrowed At $15.7 \%$ For 3 Months