View Full Version : Simple Interest: $200 at 12% simple interest for one year

Petenerd

05-16-2009, 02:06 PM

Marl borrowed $200 at 12% simple interest for one year. If he makes no payments that year, how much interest will he owe at the end of the year?

A. $6.00

B. $12.00

C. $22.40

D. $24.00

I need help setting it up and solving it.

Subhotosh Khan

05-16-2009, 02:15 PM

Marl borrowed $200 at 12% simple interest for one year. If he makes no payments that year, how much interest will he owe at the end of the year?

A. $6.00

B. $12.00

C. $22.40

D. $24.00

I need help setting it up and solving it.

What is the equation for calculating total I(nterest), when the principal is P, rate is R and time period is T?

Please show us your work, indicating exactly where you are stuck - so that we know where to begin to help you.

Petenerd

05-16-2009, 02:16 PM

I don't know what to do when I have the numbers in place. I don't know if I should divide the numbers or multiply... :|

Subhotosh Khan

05-16-2009, 02:31 PM

I don't know what to do when I have the numbers in place. I don't know if I should divide the numbers or multiply... :|

I had asked - what is the equation - why are you jumping onto next step?

Show us that you know the equation - then we'll proceed

Petenerd

05-16-2009, 02:44 PM

I did 12=(200)(r)(1).

Subhotosh Khan

05-16-2009, 02:51 PM

I did 12=(200)(r)(1).

Where did you learn that?

for a quick review - go to:

http://www.purplemath.com/modules/investmt.htm

Then redo the problem with equation shown there - (or in your text-book)

Denis

05-16-2009, 11:07 PM

Marl borrowed $200 at 12% simple interest for one year. If he makes no payments that year, how much interest will he owe at the end of the year?

Pete, can you tell us what 10% of 100 is?

What grade are you in?

Did you know (as example) that 15% simply means 15/100 ?

Petenerd

05-17-2009, 06:26 PM

I'm in 7th grade.

Subhotosh Khan

05-17-2009, 07:13 PM

So then - can you please tell us the answers of Dennis's questions, namely:

what 10% of 100 is?

Did you know (as example) that 15% simply means 15/100 ?

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