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Determine the simple interest for this loan-round your answer to the nearest cent:2,360.16 at 7.36% for 58 years.

Solution

Determine the simple interest for this loan - round your answer to the nearest cent:2, 360.16 at 7.36% for 58 years.

Solution

Interest : 10075.05

Solution steps

Translate the problem into an equation:

I = 2360.16 \cdot 0.0736 \cdot 58

Simplify

I = 2360.16 \cdot 0.0736 \cdot 58

Round to the nearest hundredth:

10075.05

Interest : 10075.05

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