Answer:
$378
Step-by-step explanation:
To find the interest that the shelter payed on this loan, we use the formula: [tex]I=Prt[/tex].
P = $6,300
r = 8% or 0.08
t = 9/12
Now we substitute the values into our formula.
[tex]I=Prt[/tex].
[tex]I=6,300(0.08*\dfrac{9}{12})[/tex]
[tex]I=6,300(0.08*0.75)[/tex]
[tex]I=6,300(0.06)[/tex]
[tex]I=$378[/tex]
So the shelter payed a total of $378 in interest to the bank.
