Question

I GIVE MEDALS

How much interest will be paid in 1 year for a loan of $3600 at 8 1/2% simple interest?

Answer 1

Simple Interest = P * r * t
P = $3600
r = 8.5% = 0.085
t = 1 year
Plug the numbers into the simple interest formula.

Answer 2

I dont get it I know how to do that i just keep getting the wrong answer.

Answer 3

What is the answer you are getting?

Answer 4

40

Answer 5

How?
3600 x .085 x 1 = ?

Answer 6

Now I got .306

Answer 7

Show us how you got 40 and then 0.306.

You can work it out yourself. No one should have to do this for you.

Answer 8

You dont have to show me how I just need to see if my answer its right i got 0.306 then you make it to percent which is 30%

Answer 9

Use a calculator.

3600 times 0.085 times 1 = ?

Answer 10

I did that and got .306

Answer 11

Then you did it wrong. Use a calculator.

Answer 12

I did you calculator and got 306

Answer 13

306 or .306?

Answer 14

just 306

Answer 15

Flip a coin to decide? Or use a calculator and be sure?

Answer 16

I got 306 with calculator.

Answer 17

Yeah, you got it then. I checked and got 306. Not sure where 40 came from before, but 306 should be correct.

Answer 18

But now i have to make it a % so is it 30.6%

Answer 19

Does a bank account pay interest to you in dollars, or in percentages?

Answer 20

That's what confused me. When you said %, I was so confused at what interest meant to you.

Answer 21

never mind it meant dollars i just read my question wrong.