Question

$750 loan 7% a year three years of no payments how much interest are you paying?

Answer 1

$157.50

Explanation:

First, converting R percent to r a decimal

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

then, solving our equation

I = 750 × 0.07 × 3 = 157.5

I = $ 157.50

The simple interest accumulated

on a principal of $ 750.00

at a rate of 7% per year

for 3 years is $ 157.50.