Calculate the interest on $6,000 borrowed at an annual rate of 9% under the simple interest loan method for 9 months.

Name: Calculate the interest on $6,000 borrowed at an annual rate of 9% under the simple interest loan method for 9 months.
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Question

Quizplus · Accepted Answer

Using the simple interest formula, Interest = Principal x Rate x Time
where Principal = $6,000, Rate = 9%, and Time = 9/12 years = 0.75 years

Interest = 6,000 x 0.09 x 0.75 = $405

Therefore, the answer is C) $405.

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