Maurice took out an auto loan of $3200 for 6 months. The simple annual rate was 18%. How much interest did he pay
on his loan?
$3488
OS288
S3456
S600
6
7
8
9
10

$288

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 18%/100 = 0.18 per year,

then, solving our equation

I = 3200 × 0.18 × 0.5 = 288

I = $ 288.00

The simple interest accumulated

on a principal of $ 3,200.00

at a rate of 18% per year

for 0.5 years is $ 288.00.

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step-by-step explanation:

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$3,200 x 7.25% = $3,200 x .0725 = $232 interest monthly

$232 monthly x 12 annual = $2, 784

step-by-step explanation: