berankworthy889 berankworthy889

24-02-2021
Mathematics

contestada

Mark borrowed $7400 at an interest rate of 10.5% for 1/4 of a year how much interest will he pay when his loan is paid off

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samuelonum1 samuelonum1

27-02-2021

Answer:

$194.25

Step-by-step explanation:

Given data

Principal= $7400

Rate= 10.5%

time= 1/4 years

The simple interest formula is given as

SI= PRT/100

substitute

SI= 7400*10.5* 0.25/100

SI= 19425/100

SI= $194.25

Hence Mark will pay $194.25

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