Question

Erica recieves a $4,300 loan for her tuition which charges simple interest annually at a rate of 4.4%. How much interest will Erica pay on the loan over the course of 5 years? a $350 b $189.20 c $9,460 d $946

Answer 1

d) $946

Explanation:

4.4% of 4300 = 189.2

simple interest is the value (189.2) x the amount of years (5)

189.2 x 5 = 946