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16 February, 00:58

How much interest will be paid in 1 year for a loan of $4200 at 8 1/2% simple interest?

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Answers (2)
  1. 16 February, 03:29
    0
    I=ptr

    i = (4200) (1) (0.085)

    i = $357

    4200+357

    $4557
  2. 16 February, 03:53
    0
    Assuming interest paid annually, $4,200 * 1.085 = $4557, therefore total interest paid equals $357
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