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Popular Word Problems >

Determine the simple interest for this loan-round your answer to the nearest cent:2,360.16 at 7.36% for 58 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 : 2, 360.16 a t 7.36% f or 58 ye a rs .

Solution

Interest : 10075.05

Solution steps

Translate the problem into an equation:

I = 2360.16 \cdot 0.0736 \cdot 58

Simplify

I = 2360.16 \cdot 0.0736 \cdot 58

Round to the nearest hundredth:

10075.05

Interest : 10075.05

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