cjwelchon02 cjwelchon02

06-11-2020
Mathematics

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Ron is seeking a loan with a simple interest rate of 7% per year. If he wants to borrow $4,500, then how much will he be charged in interest after 3 years?

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06-11-2020

Answer: He will be charged $915 in interest after 3 years

Step-by-step explanation:

7% ÷ 100 = 0.07

0.07 × 4500 = 315

315 × 3 = 945

---------------------------------

945 + 4500 = 5445 ( Don't worry about this)

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