How much interest is owed on a 9-month, $5550 loan borrowed at 7.25% simple interest?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Units and Measurements
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How much interest is owed on a 9-month, $5550 loan borrowed at 7.25% simple interest?
Given the Principal amount P= $5550
Rate of interest =7.25% =0.0725
Time, t=9 months = years.
The loan is borrowed in a simple interest rate.
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