Kayce is buying a new cell phone for 1,400 using a loan with a simple interest rate of 4.7%. If Kayce paid off the loan in 2 years, what is the total he will pay with interest?

Solution

Kayce is buying a new cell phone for 1, 400 using a loan with a simple interest rate of 4.7%. If Kayce paid off the loan in 2 years, what is the total he will pay with interest?

Solution

Interest : 131.6

Solution steps

Translate the problem into an equation:

I = 1400 \cdot 0.047 \cdot 2

Simplify

I = 1400 \cdot 0.047 \cdot 2

Interest : 131.6

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