Problema Solution
To finance her community college education, Sarah takes out a loan for $4200. After a year Sarah decides to pay off the interest, which is 8% of $4200. How much will she pay.
Answer provided by our tutors
P = $4200
r = 0.08 or 8%
t = 1 year
I = P*r*t
I = 4200*0.08*1
I = $336
the interest is $336.