• Login via
  • or
  • New here ?

Ariel takes a loan of $8,000 to buy a used truck at the rate of 9 % simple Interest.Calculate the annual interest to be paid for the loan amount.

A.720
B.890
C.688
D.700
Answer and Feedback
Answer:A
Feedback:From the details given in the problem Principle = P = $8,000 and R = 9% or 0.09 expressed as a decimal.
As the annual Interest is to be calculated, the time period T =1.
Plugging these values in the simple Interest formula,
I = P x T x R
= 8,000 x 1 x 0.09
= 720.00

do you want?

view more test

Share this post

Some other questions you may be interested in.

Loading...