SOLUTION: Jack loaned Bob $1,500 at an annual interest rate of 7%. After one year, how much will Bob owe Jack? -I need a thorough explanation as to how to solve these types of questions a

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Question 286439: Jack loaned Bob $1,500 at an annual interest rate of 7%. After one year, how much will Bob owe Jack?
-I need a thorough explanation as to how to solve these types of questions also. Thank you!
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
1,500(1+.07)^1
1,500*1.07=$1,605 ANS.