Question

Mark borrowed $7400 at an interest rate of 10.5% for 1/4 of a year how much interest will he pay when his loan is paid off

Answer 1

$194.25

Explanation:

Given data

Principal= $7400

Rate= 10.5%

time= 1/4 years

The simple interest formula is given as

SI= PRT/100

substitute

SI= 7400*10.5* 0.25/100

SI= 19425/100

SI= $194.25

Hence Mark will pay $194.25