Question

Don borrowed money from the band to finish his garage. He borrowed $900 for one year. He has to pay 9% simple interest on the loan. How much interest will Don pay ?

Answer 1

Hi there!

Since the interest rate is 9% of the vl total coast for one year, we multiply 9% and 900 dollars.

First, we should convert 9% into a decimal so we can multiply.

9% = 0.09

Now, we multiply.

0.09 × 900 = 81

So, he will need to pay 81 dollars of interest per year.

Hope this helps!