Question #070e4

1 Answer
EET-AP
Nov 20, 2017

Joe paid #$1260# to borrow #$2000# for #9# years at #7%# interest per year.

Explanation:

Joe borrowed $2,000, so that is the principal #P#.
At a rate of 7% simple interest per year, so that is the rate #r#.
The time #t# is #9# years. The interest is #I#

The formula for calculating simple interest is #I=Prt#

Filling in: #I=$2,0cancel00xx7/cancel100/cancelyxx9cancely#

#I=$20xx63=$1260#

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