SOLUTION: Louie borrowed $525.00 to buy some stereo speakers. The store charges 7.03% simple interst. How much interest will Louie owe if he borrows the money for 2 years?
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Question 65937: Louie borrowed $525.00 to buy some stereo speakers. The store charges 7.03% simple interst. How much interest will Louie owe if he borrows the money for 2 years?
Answer Choices:
A)$36.91
B)$73.82
C)$74.68
D)$369.08 Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Louie borrowed $525.00 to buy some stereo speakers. The store charges 7.03% simple interst. How much interest will Louie owe if he borrows the money for 2 years?
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2(525)(0.0703)=$73.815
Rounded to the nearest cent
=$73.82
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Cheers,
Stan H.
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