The table shows interest owed for a home improvement loan based on how long it takes to pay off the loan.

a. what is the simple interest owed on $900 for 9 months?

b. the simple interest owed on $2500 for 18 months.

c. find the simple interest old for $5600 for six months

Remember that  the formula for simple interest is:

Where I is the interest to paid, p is the loan, r is the interest rate (in decimal), and t is the time (in years).

A. We know that the interest rate for a loan of 9 months is 2.9%, but we need to convert that rate to decimal. To do that just divide the interest rate by 100%:

Next, we are going to find the time t in years. Since the period of time is 9 months, we are going to dive by 12, the number of months in a year, to obtain the time in years:

Now, we just need to replace the values in our formula to find the interest owned:

We can conclude that the interest owed for a home improvement loan of $900 after 9 months is $19.58.

B. Similarly:



We can conclude that the interest owed for a home improvement loan of $2500 after 18 months is $116.25.

C. Similarly:



We can conclude that the interest owed for a home improvement loan of $5600 after 6 months is $67.2