Question

Find the simplest interest paid to the nearest cent for each loan amount interest rate in time 1000 7% into 2 years

Answer 1

Use the formula for simple interest: i = p*r*t. Here,

i = $1,000*(0.07)(2) = $140

This is the simple interest on $1000 at 7% over 2 yrs.

Answer 2

140 i believe

hope this helps :)