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Suppose you obtain a $1,300 T-note with a 9% annual rate, paid monthly, with maturity in 6 years. How much interest will be paid to you each month?

Respuesta :

kachhadiyasatis
We know that,
Interest, I = [tex] \frac{P×R×T}{100} [/tex]
Where, P = Principal = $1300
R = rate of interest = 9% annually = [tex] \frac{9}{12} [/tex]%
T = Time  = 1 month

So, I = [tex] \frac{1300×[tex] \frac{9}{12} [/tex]×1}{100} [/tex]
        = $9.75

Interest paid per month is $9.75

Answer:

simple interest  = $9.75

Step-by-step explanation:

given data:

Principle = $1300

annual rate  = 9% [tex]= \frac{9}{`12} = 0.75 [/tex]

time = 6 year =

we knwo that simple interest is given as

Simple interest [tex]= \frac{P\times R\times T}{100}[/tex]

FOR ABOVE QUESTION

Time is 1 month

simple interest  [tex]= \frac{1300\times 0.75 \times 1}{100}[/tex]

simple interest  = $9.75

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