Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Find the amount of interest oFind the amount of interest owned for a $1,895 loan for 4 years at a 7.9% interest rate.

Sagot :

Answer:

592.82

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 7.9%/100 = 0.079 per year,

then, solving our equation

I = 1895 × 0.079 × 4 = 598.82

I = $ 598.82

The simple interest accumulated

on a principal of $ 1,895.00

at a rate of 7.9% per year

for 4 years is $ 598.82.