28.5k views
0 votes
Find the amount paid for a loan of $1000 at 7% for 2 years.
I NEED ANSWERS ASAP!

User Valentinmk
by
8.2k points

1 Answer

4 votes

Answer:

$ 140.00.

Explanation:

I = $ 140.00

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 7%/100 = 0.07 per year,

then, solving our equation

I = 1000 × 0.07 × 2 = 140

I = $ 140.00

The simple interest accumulated

on a principal of $ 1,000.00

at a rate of 7% per year

for 2 years is $ 140.00.

User Jacob VanScoy
by
7.7k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories