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Popular Word Problems >

Kayce is buying a new cell phone for 1,400 using a loan with a simple interest rate of 4.7%. If Kayce paid off the loan in 2 years, what is the total he will pay with interest?

Solution

K a yce i s b u y in g a n e w ce ll p h o n e f or 1, 400 u s in g a l o an w i t h a s im pl e in t eres t r a t e o f 4.7%. I f K a yce p ai d o ff t h e l o an in 2 ye a rs, w ha t i s t h e t o t a l h e w i ll p a y w i t h in t eres t ?

Solution

Interest : 131.6

Solution steps

Translate the problem into an equation:

I = 1400 \cdot 0.047 \cdot 2

Simplify

I = 1400 \cdot 0.047 \cdot 2

Interest : 131.6

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