Question

Wesley needs a loan for $9,000 with a 5.7% simple annual interest rate for 30 months. What is the total interest he will pay?

A. $1,200.00
B. $1,000.00
C. $1,285.50
D. $850.00

Answer 1

To calculate the total interest on the loan, use the formula I = PRT, where P is the principal, R is the interest rate, and T is the time in years. In this case, the total interest is $1,285.50.

Step-by-step explanation:

To calculate the total interest Wesley will pay on his loan, we can use the formula I = PRT, where I is the interest, P is the principal amount, R is the interest rate, and T is the time in years. In this case, P = $9,000, R = 5.7%, and T = 30/12 = 2.5 years. Plugging these values into the formula, we get:

I = 9,000 imes 0.057 imes 2.5 = $1,285.50

Therefore, the correct answer is C. $1,285.50.