anonymous
  • anonymous
Please help? will reward medal! Calculate the amount of interest you'll pay on the following loan. Borrowed: $3500 APR: 21% Term: 12 months A. $37 B. $350 C. $575 D. $735
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
@austinL
amistre64
  • amistre64
is it simple or compounded?
austinL
  • austinL
^^

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amistre64
  • amistre64
im thinking its a compounded monthly .... but i cant be certain
jim_thompson5910
  • jim_thompson5910
hint: Interest = Principal * Rate * Time
anonymous
  • anonymous
hmmm, im thinking simple
amistre64
  • amistre64
yeah, the options will ahve to be simple ... 810 isnt an option is it :/
anonymous
  • anonymous
no:/ i tried tmultiplying them all, and got a huge number lol
anonymous
  • anonymous
@jim_thompson5910
amistre64
  • amistre64
ues .21, not 21 ... and 1 instead of 12 :)
jim_thompson5910
  • jim_thompson5910
Principal: 3500 Rate: 21/100 = 0.21 Time: 12 months = 1 year
anonymous
  • anonymous
2.52 is what i got
amistre64
  • amistre64
..and change the batteries in your calculator maybe?
anonymous
  • anonymous
okay is it 350?
amistre64
  • amistre64
3500(.21)(1)
amistre64
  • amistre64
or 35(21)
anonymous
  • anonymous
735! lol
amistre64
  • amistre64
:) id go with that one
anonymous
  • anonymous
thanks everyone fore the help!

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