233k views
5 votes
Determine how much you would receive in return for a 8 month, $500 loan to a friend if you charged the 3% annual interest. Show your work.

User Rodurico
by
3.2k points

2 Answers

9 votes

Answer:

$15 dollars

Explanation:

use the whole part percent to work out answer

so its x/500 = 3/100 cross multiple 500x3= 1500 then you divide 1500 by 100 which equals 15

it looks like this kinda its hard to put on here

x = 3

500 100

so thats where u cross multiply the 500*3=1500 then divide 1500/100= 15

User Shadrx
by
3.5k points
11 votes

i think its $4,120

I hope this helps

User Fedja Blagojevic
by
3.3k points