Question

Kyle borrows $4000 at 7% interest rate for 5 year. What is the total that Kyle will back?

Answer 1

Explanation:

To find interest, multiply the principal (4000) by the rate (7%) and time in years (5).

I = Prt

I = (4000 * 5) * 7/100

I = 20000/1 * 7/100

Use cross cancellation (100 and 20000 have a GCF of 100)

I = 200/1 * 7/1

I = 200 * 7

I = $1,400

Kyle gets $1,400 in interest in this scenario.