Marsha pay $58.50 interest when borrowed $300 for 18months at 13% interest.
What is interest in mathematics?
" Interest is the amount of money which one has to pay while borrowing any amount and will get paid while lending the amount."
According to the question,
Amount borrowed by Marsha = $300
Time duration = 18 months
Percentage of interest = 13%
From the given table we have
Interest per $100 at the rate of 13% for 18months = $19.50
Therefore,
Interest for $300 at the rate of 13% for 18months = $19.50 × 3
= $58.50
Hence, Marsha pay $58.50 interest .
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