SOLUTION: Borrow $100 and 17% interest how much total you pay

Question 830649: Borrow $100 and 17% interest how much total you pay
Answer by JulietG(1812) (Show Source): You can put this solution on YOUR website!
It depends upon how often the interest is compounded. If it's simple interest, then just multiply.
$100 * .17 = $17
.
However, if you're compounded it daily, weekly, monthly, etc, the equation changes. This is how credit cards make their money. The interest may only be 17%, but they compound it every day so you're paying interest ON the interest.
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