Question

Find the amount of interest oFind the amount of interest owned for a $1,895 loan for 4 years at a 7.9% interest rate.

Answer 1

592.82

Explanation:

First, converting R percent to r a decimal

r = R/100 = 7.9%/100 = 0.079 per year,

then, solving our equation

I = 1895 × 0.079 × 4 = 598.82

I = $ 598.82

The simple interest accumulated

on a principal of $ 1,895.00

at a rate of 7.9% per year

for 4 years is $ 598.82.