If you borrow $1,700 at 7% simple interest, how much interest will you pay?
A. $7.00
B. $120
C. $119
D. $1819
1,700x0.07
i chose c but i wanted to make sure
Thank you!
(C) is correct for a term of one year, which is not specified in the question.
You're welcome!
To calculate the interest, you can multiply the principal amount ($1,700) by the interest rate (7%).
Mathematically, the calculation would be:
Interest = Principal x Interest Rate
Therefore, Interest = $1,700 x 0.07 = $119
So, the correct answer is C. $119.