2007-08-12 17:17:30 · 4 answers · asked by hplover1430 2 in Science & Mathematics ➔ Mathematics
For simple interest, remember the formula I = PRT, or:
Interest = Principal * Rate * Time
where:
Principal is the amount borrowed
Rate is the percentage, rewritten as a decimal
Time is the length of the loan, which much always be in years.
You can plug in those numbers and do the math, but remember the formula for other problems and tests.
2007-08-12 17:35:10 · answer #1 · answered by douglas 2 · 0⤊ 0⤋
This question is simple, but if you are going to borrow the money and pay back within a few years, the remaining money that you have to pay back is charged with 7% interest for every year until you finish pay back.
So the answer for your question is $ 1000 * 7% = $ 70
2007-08-12 19:41:02 · answer #2 · answered by coffee 2 · 0⤊ 0⤋
$1000 x .07 = $70
2007-08-12 17:25:27 · answer #3 · answered by ohio gal 5 · 0⤊ 0⤋
7% of $1,000 =
(7 / 100) * $1,000 =
$70.
2007-08-12 17:25:38 · answer #4 · answered by McFate 7 · 0⤊ 0⤋