Question

Mrs. Johnson borrows $1400 with an interest rate of 5.5%. How much interest does she pay if she pays off the debt in 8 months?

Answer 1

$616 in debt

Explanation:

5.5% is equal to 0.055 so you multiply that by $1400 to get $77.

$77 is the interest rate.

You then multiply $77 by 8 months.