Question
Carla borrowed $1,400 for three months at 9.75% interest. How much
interest did she pay for the loan?
interest did she pay for the loan?
Answers
Answered by
GPT 3.5
To calculate the interest Carla paid for the loan, we can use the formula:
Interest = Principal x Rate x Time
Where:
Principal = $1,400
Rate = 9.75% or 0.0975 (decimal form)
Time = 3 months
Interest = $1,400 x 0.0975 x 3
Interest = $1,400 x 0.2925
Interest = $409.50
Carla paid $409.50 in interest for the loan.
Interest = Principal x Rate x Time
Where:
Principal = $1,400
Rate = 9.75% or 0.0975 (decimal form)
Time = 3 months
Interest = $1,400 x 0.0975 x 3
Interest = $1,400 x 0.2925
Interest = $409.50
Carla paid $409.50 in interest for the loan.