A customer requests a loan advance of $300 with an annual interest rate of 22%. What is the dollar amount of the interest for the entire year?
I = Principle x rate x time
I = 300 x .22 x 1
To calculate the dollar amount of the interest for the entire year, we need to multiply the loan amount by the annual interest rate.
Step 1: Convert the annual interest rate to a decimal by dividing it by 100. In this case, we divide 22 by 100 to get 0.22.
Step 2: Multiply the loan amount by the decimal interest rate. In this case, multiply $300 by 0.22.
300 * 0.22 = $66
Therefore, the dollar amount of the interest for the entire year would be $66.