Question

How much simple interest will be due on a loan of $7000 at a 3.75% annual interest rate for one year?

A.
$7262.50

B.
$2625.00

C.
$262.50

D.
$37.50

Answer 1

C. turn 3.75 into a decimal, then multiply it by 7000. Then you get your answer which is 262.50.dont forget to move the decimal:)