SOLUTION: A man received 7 per cent interest on a loan of $800 for 1 year. How much interest did he receive?

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Question 388038: A man received 7 per cent interest on a loan of $800 for 1 year. How much interest did he receive?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
I=PRT=800%280.07%29%281%29=56
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He received $56.