If you borrow $800 at 34% simple interest for 7 months, how much do you owe in interest?
To calculate the interest on a loan, we can use the simple interest formula:
Interest = Principal x Rate x Time
In this case, the principal (amount borrowed) is $800, the rate is 34% (or 0.34 as a decimal), and the time is 7 months.
Interest = 800 x 0.34 x 7
Interest = $190.40
Therefore, you owe $190.40 in interest.