Question

What is the total amount owed on a loan of $1000 at a 4% interest rate for 30 months? My answer is 2200

Answer 1

I think it is 1200

Answer 2

Are you adding the $1000?

Answer 3

yeah, Im kinda confue @KoalaGurl1

Answer 4

then you're right

Answer 5

4% of 1000 is 40

Answer 6

Just did the math......your right

Answer 7

4% = 4 / 100 = 0.04

What is 4% of 1000
= 4% * 1000
= 0.04 * 1000
= 40

Answer 8

so 40*30 is 1200

Answer 9

then you add the $1000 to $1200 and you get $2200

Answer 10

You are right.

Answer 11

Calculate the simple interest on a loan of $15,000 at 3.5% for 5 years. my answer is 2625 @KoalaGurl1

Answer 12

is it 3.5% a year?

Answer 13

states for 5years

Answer 14

huh...

Answer 15

$15,000 at 3.5% for 5 years

Answer 16

well if its per year then it is 2625 which is what you said

Answer 17

if it is per month then it is 31500

Answer 18

thanks

Answer 19

No problem, glad I could help! :)