I am lost and need help please

[presious21]

I am currently taken an online college class and I am completely lost on how do this problem. I have tried multiplying the different numbers as well as dividing I am just not sure what I am doing wrong. I need to be able to show my work. Just not sure what I am doing wrong. Thank you So much in advance. I hope I put this in the right catagory.


Choose the one alternative that best completes the statement or answers the question.

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent.

Martin takes out a simple-interest loan at 7.5 %. After 6 months, the amount of interest on the loan is $69.64. What was the amount of the loan?

A) $2116.98 B) $18.57 C) $1857 D) $1818.44

 

[mmm4444bot]

I don't know what numbers you've multiplied. Are you using the formula for simple interest ?

 

[presious21]

What formula for simple interest? I was multiplying 7.5% by 6 as well as 6 by 69.64. and I wasn't even coming close to one of the answers. Now I am really lost. What is the formula for simple interest? Thank you again

 

[presious21]

After googling what the simple rate formula is
is the formula
p=rt?

then it would be

$69.64= 7.5% x T

Then I would need for solve for T?

But how do I figure out what T is to get one of the multiple choice answers?

 

[mmm4444bot]

The formula for simple interest is:

i = P * r * t

i = the interest earned on principal P at rate r for t years

P is what you're trying to find.

The exercise says that:

i = 69.64

r = 0.075

t = 0.5

Does this help?

By the way, did you make a typographical error on multiple choice (C); where are the cents?

 

[presious21]

I think I got it....So would this be correct then?

P= 69.64/(.075) (6/12)

P=(69.64)(12)/(.075)(6)

P=835.68/.45

P=1857.06666 or 1857.07

P=1857


On the letter C that is the dollar amount $1857 no cents on that one

 

[mmm4444bot]

Yes -- the correct answer is 1857.07, if we say that six months is exactly 1/2 year. (Some months are shorter than others; maybe that's where the seven cents went. )

 

[Denis]

Simpler is doubling the interest to 139.28 (1 year), then : 139.28 / .075 = 1857.07

 

[presious21]

Re:

Yes -- the correct answer is 1857.07, if we say that six months is exactly 1/2 year. (Some months are shorter than others; maybe that's where the seven cents went. )

THANK YOU SO MUCH!!!! For helping me work through this, I am very grateful for your help. Thank you again have a great morning

 

[presious21]

Simpler is doubling the interest to 139.28 (1 year), then : 139.28 / .075 = 1857.07

Cool now I have another way of figuring out problems like this. Thank you