7768.6
Ian borrows $3580 at 31% simple interest per year. When Ian pays the loan back 7 years later, how much interest does Ian pay?
yup
omg i did it
i told you it would be correct bff
btw it was wird you latest post that is not like you she must have ticked you off big time
To find the amount of interest Ian pays, we can use the formula for simple interest:
Simple Interest = Principal * Rate * Time
Given:
Principal (loan amount) = $3580
Rate = 31% = 0.31 (as a decimal)
Time = 7 years
Substituting the values into the formula, we get:
Simple Interest = $3580 * 0.31 * 7
To calculate this, we can use a calculator or do the calculations step by step:
Step 1: Multiply the principal by the rate: $3580 * 0.31 = $1109.80
Step 2: Multiply the result by the time: $1109.80 * 7 = $7769.60
Therefore, Ian pays $7769.60 in interest.