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Popular Word Problems >

Determine the simple interest for this loan-round your answer to the nearest cent:8,942.75 at 2.70% for 28 years.

Solution

De t er min e t h e s im pl e in t eres t f or t hi s l o an - ro u n d yo u r an s w er t o t h e n e a res t ce n t : 8, 942.75 a t 2.70% f or 28 ye a rs .

Solution

Interest : 6760.719

Solution steps

Translate the problem into an equation:

I = 8942.75 \cdot 0.027 \cdot 28

Simplify

I = 8942.75 \cdot 0.027 \cdot 28

Interest : 6760.719

Popular Examples

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