SOLUTION: Can someone help me on this problem? What interest will you pay on a $8,700 loan for 1 year if the interest rate is 9%? Thanks, Ashley

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Question 54809: Can someone help me on this problem?
What interest will you pay on a $8,700 loan for 1 year if the interest rate is 9%?
Thanks, Ashley
Answer by funmath(2933) About Me  (Show Source):
You can put this solution on YOUR website!
Hi Ashley,
What interest will you pay on a $8,700 loan for 1 year if the interest rate is 9%?
I am going to assume this is a simple interest problem, if that's true, then the formula you need to use is: highlight%28I=prt%29 I=interest, p=principle, r=rate, and t=time.
P=8700, t=1, and r=9/100=.09
I=(8700)(.09)(1)
I=$783
Happy Calculating, Ashley!!!