Please help me. When Kevin bought a new office phone, he borrowed $1,200 at a rate of 18% for 9 months How much interest did he pay?

$121.5

Explanation:

Interest is calculated using the formula.

I= P x  R x T

for Kevin's case

P is the principal = $1200

R is the interest rate =18% per year

T is 9 months.

the applicable interest rate will be for 9 months

Therefore, r = 18/12 x 9

=1.5 % x 9 = 13.5%

Time is 9 months which = 9/12 of one year = 0.75

I= $1200 x (13.5/100) x 0.75

I = 1200 x 0.135 x 0.75

I=121.5

Kevin will pay Interest of  $121.5

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