Question

Acelynn borrows $1337 to buy a four wheeler. The interest rate is 4% for the 14 year loan. How much interest will she pay back for the money borrowed?

A)
$53.48
B)
$748.72
C)
$534.80
D)
$2085.72

Answer 1

the answer is B) $748.72

the rate is 4%, that's 0.04 in a decimal.

1337 x 0.04= $748.72.

Answer 2

$1337 * 0.04 * 14 = 748.72

answer is B)
$748.72