A farmer borrowed $7200 for 3 months at 10% interest. How much interest will the farmer pay on the loan?

Question

asked Dec 22, 2017 153k views

1 Answer

Alexandre Ouicher · Answer 1 · 2017-12-28T15:32:56+0000

he will pay the 10% of $7200, and that is calculated like so:
(10%)(7200)
= (10/100)(7200)
= (1/10)(7200)
= 720
therefore he will pay $720