Question

Find the amount paid for a loan of $1000 at 7% for 2 years.
I NEED ANSWERS ASAP!

Answer 1

$ 140.00.

Explanation:

I = $ 140.00

Equation:

I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 7%/100 = 0.07 per year,

then, solving our equation

I = 1000 × 0.07 × 2 = 140

I = $ 140.00

The simple interest accumulated

on a principal of $ 1,000.00

at a rate of 7% per year

for 2 years is $ 140.00.