Question

how much interest will have to be paid on a loan of $18467 for 8 months at a simple interest rate of 12.6% per year? round to the nearest cent

Answer 1

Simple interest = PitwhereP=principal= 18467i=annual interest rate=12.6%=0.126t=time in years=8/12=2/3

Therefore
interest = 18467*0.126*2/3=$1551.23   after 8 months