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Popular Word Problems >

Determine the simple interest for this loan-round your answer to the nearest cent:330.56 at 4.57% for 29 years.

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Solution

Determinethesimpleinterestforthisloan−roundyouranswertothenearestcent:330.56at4.57%for29years.

Solution

Interest:438.09
Solution steps
Translate the problem into an equation:I=330.56⋅0.0457⋅29
Simplify I=330.56⋅0.0457⋅29
Round to the nearest hundredth:438.09
Interest:438.09

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