Question

You take a $4,500 loan to pay for a trip

to the Amazon rainforest to photograph
wild animals. If the loan's interest rate is
8% for 1 year, what is the interest for the
first payment?
A $12.58
C $30.00
Vincent Fal
B $26.00
D $80.99

Answer 1

c.

PRT/100

4500×8×1/100=360

per month=360÷12

=30

Answer 2

`~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$4500\\ r=rate\to 8\%\to (8)/(100)\dotfill &0.08\\ t=years\dotfill &1 \end{cases} \\\\\\ I = (4500)(0.08)(1) \implies I = 360~\hfill \underset{monthly~payment}{\stackrel{360 ~~ / ~~ 12}{\text{\LARGE 30}}}`