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The best way to calculate simple interest is to: O A. divide the interest rate by the length of the loan and then subtract the monthly payment. O B. multiply the amount borrowed by the compound interest
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20 votes
20 votes
The best way to calculate simple interest is to:

O A. divide the interest rate by the length of the loan and then subtract
the monthly payment.
O B. multiply the amount borrowed by the compound interest rate.
O C. multiply the amount borrowed by the interest rate and by the
length of the loan.
O D. subtract the compounded interest from the amount borrowed.

User Chickenchilli
by
3.3k points

1 Answer

24 votes
24 votes

Answer:

The answer is C

Step-by-step explanation:

It's C because the formula for simple interest is PRT/100 in which the amount borrowed is the P, the R is the interest rate and the T is the length of the loan you multiply all that and divide by 100 which was however not mentioned in the statement but rest assured that is the correct answer

User Pritha
by
2.5k points
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