Question

In order to start a small business, a student take out a simple interest loan for $4000 fo 3 month at a rate of 11.75%. How much interest must the student pay?

Answer 1

The student will pay 1410 as interest, let solve it.

Explanation:

P=4000

R=11.75

T=3

I=?

formula is I=PRT/100

so I=4000*11.75*3/100

I=141,000/100

I=1410

therefore the interest is 1410.

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