In the monthly payment formula r is the percentage rate as a decimal.
To turn a percentage into a decimal, move the decimal point 2 places to the left.
5.7% becomes 0.057
Answer:
I = 8,133.70
Step-by-step explanation:
The formula for calculating simple interest is given as :
I = Prt
P = 9414
r = 0.0240
t = 36
to find I , all we need do is to substitute the given value into the formula , that is :
I = 8133.696
I = 8,133.70