How much interest will be paid in 1 year for a loan of $4200 at 8 1/2% simple interest?

asked Dec 4, 2018 37.8k views

5 votes

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Assuming interest paid annually, $4,200 * 1.085 = $4557, therefore total interest paid equals $357

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i=ptr
i= (4200)(1)(0.085)
i= $357
4200+357
$4557

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