The chief business officer of a construction equipment company arranges a loan of $9,300, at 12 1/8 interest for 37.5 months. Find the amount of interest. (Round to the nearest cent)

Question

Mathematics

Ellis

16 April, 11:23

The chief business officer of a construction equipment company arranges a loan of $9,300, at 12 1/8 interest for 37.5 months. Find the amount of interest. (Round to the nearest cent)

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Terrance Weber · Answer 1

Answer:$766.88

Step-by-step explanation: Assuming that you mean 12 1/8 is 12.125%, to find the answer all you need to do is $9300 divided by 37.5 to get $248 per month. Then, you need to divide $248 by 12.125 to get the interest per month which is about $20.45. Now all you need to do is multiply $20.45 by 37.5 months to see how much interest received.

The interest received is about $766.88